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    PRA Issues CP18/18 on Implementing the Extension of SM&CR to Insurers

    July 31, 2018

    PRA published the consultation paper CP18/18, which sets out its proposed rules for a technical correction to the "Solvency II firms: Insurance General Application Part of the PRA Rulebook." CP18/18 also includes some consequential changes and minor administrative amendments related to the extension of the Senior Managers and Certification Regime (SM&CR) to insurers. Responses are requested by October 01, 2018.

    CP18/18 includes a proposal for a technical correction to rule 2.2 in the Solvency II firms: Insurance General Application Part of the PRA Rulebook. CP18/18 also includes proposals for technical changes to rules in the PRA Rulebook for the implementation of the SM&CR related to the following:

    • Application of an overlap rule for individuals with FCA responsibilities (as defined in the FCA Handbook)
    • Updates to the cross-references in the PRA Rulebook to the FCA Handbook
    • Transitional arrangements for widening of scope of the application of regulatory reference requirements
    • Deletion of certain previous transitional rules that are now obsolete
    • Other minor consequential amendments

    CP18/18 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. 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, subject to commencement regulations to be made by HM Treasury for the relevant amendments to the FSMA in the 2016 Act. Thus, PRA proposes that the rule changes in CP18/18 will apply from December 10, 2018.

     

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    Comment Due Date: October 01, 2018

    Keywords: Europe, UK, Insurance, Solvency II, SM&CR, Accountability, CP18/18, PS15/18, PS18/15, PRA

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