What? Why?
The PRA and FCA are introducing a new Senior Insurance Managers Regime (SIMR). There are two main reasons - to: (1) implement Solvency II; and (2) make it easier to hold individuals to account, when things go wrong.
When?
There are four key deadlines:
- 1. from 1 January 2016;
- 2. by 8 February 2016;
- 3. from 7 March 2016; and
- 4. by 7 September 2016.
Where?
The new rules will apply to UK-domiciled Solvency II insurers and reinsurers ((re)insurers), UK-domiciled “non-directive firms”, and third-country (re)insurance branches, in different ways. This guide is only concerned with the SIMR for UK-domiciled Solvency II (re)insurers.
Please see full publication below for more information.
