Featured Product

    PRA Consults on Part 2 of Implementing Extension of SM&CR to Insurers

    September 17, 2018

    PRA published the consultation paper CP20/18, which proposes rules for certain consequential changes and minor administrative amendments related to the extension of the Senior Managers and Certification Regime (SM&CR) for insurers. Comments are requested by October 17, 2018.

    CP20/18 includes proposals for certain technical consequential changes in the PRA Rulebook for the implementation of the SM&CR; these changes are related to the “current approved person approval” status of the individuals who will be in a “designated senior management function” following the commencement of the extension of the SM&CR to insurers. CP20/18 should be read in conjunction with the policy statements PS15/18 of PRA and PS18/15 of FCA on the extension of SM&CR to insurers, along with the proposals in CP18/18 of PRA on implementing the extension of the SM&CR to insurers. The extended SM&CR for insurers will come into effect from December 10, 2018. PRA proposes that the rule changes in CP20/18 will, therefore, apply from the same date, other than one minor administrative change in Annex H of the Appendix, which will apply from January 01, 2019. 

     

    Related Links

    Comment Due Date: October 17, 2018

    Effective Date: December 10, 2018 (CP20/18); January 01, 2019 (Change in Annex H)

    Keywords: Europe, UK, Insurance, Solvency II, SM&CR, Proportionality, CP20/18, PRA

    Featured Experts
    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458