PRA published the policy statement PS27/18, which provides feedback to responses to the consultation paper CP20/18, on implementing the extension of the Senior Managers and Certification Regime (SM&CR) to insurers (Part 2). PS27/18 also provides the final set of rules for the implementation of the extension of the SM&CR to insurers. The final rules in PS27/18 will apply with effect from December 10, 2018.
PRA received no responses to CP20/18 and has made no changes to the rules as consulted on in CP20/18. PS27/18 should be read in conjunction with the policy statements—PS15/18 and PS26/18 of PRA, and PS18/15 of FCA—on the extension of SM&CR to insurers. The extension of the regime to insurers is being introduced by amendments to the Financial Services and Markets Act 2000 (FSMA) through the BoE and Financial Services Act 2016 (the 2016 Act). The extended SM&CR for insurers will come into effect from December 10, 2018, through the application of the Commencement regulations that have been published by HM Treasury for the relevant amendments to FSMA in the 2016 Act.
Effective Date: December 10, 2018
Keywords: Europe, UK, Insurance, Solvency II, SM&CR, Responses to Consultation, PS27/18, CP20/18, PRA
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