BoE announced that the Senior Managers and Certification Regime (SM&CR) has been extended to insurers. The extension is being introduced through the application of the Commencement regulations that have been published by HM Treasury for relevant amendments to the Financial Services and Markets Act 2000 (FSMA) in the BoE and Financial Services Act 2016.
To reflect the extension, all references to Senior Insurance Managers Regime (SIMR) and Senior Insurance Management Function (SIMF) have been amended to SM&CR and Senior Management Function (SMF), respectively. The updated forms to reflect the extension are available on the BoE website.
In July 2018, PRA had published a policy statement (PS15/18) on the extension of SM&CR to insurers. PS15/18 contains final rules for the extension of SM&CR to insurers by amending the SIMR; an updated supervisory statement (SS35/15) on strengthening individual accountability in insurance and terminology updates to other existing supervisory statements; a consolidated Statement of Policy on conditions, time limits, and variations of approval; and the streamlined set of forms for SM&CR and amendments to Part 4A permissions forms.
Keywords: Europe, UK, Insurance, Solvency II, SM&CR, SIMR, SIMF, SMF, PS15/18, PRA, BoE
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