Featured Product

    BoE Extends Senior Managers and Certification Regime to Insurers

    December 10, 2018

    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.


    Related Links

    Keywords: Europe, UK, Insurance, Solvency II, SM&CR, SIMR, SIMF, SMF, PS15/18, PRA, BoE

    Featured Experts
    Related Articles
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    BoE Publishes Update on Meeting of Working Group on Risk-Free Rates

    BoE published the minutes of the July meeting of working group on sterling risk-free reference rates.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3827