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