PRA has published a policy statement on strengthening individual accountability in insurance: optimisations to the SIMR. The policy statement follows on from an ealier consultation (CP8/17) and includes:
- feedback on the proposed optimisations to the SIMR and PRA’s final policy;
- feedback on PRA’s proposals for diversity at boards of insurers and PRA’s final policy;
- the various timelines for implementing the rules and expectations in the policy statement; and
- an updated supervisory statement 35/15 ‘Strengthening individual accountability in insurance’, which will take effect from 10 December 2018.
PRA intends to publish a policy statement to provide feedback to the responses to CP14/17 (Strengthening individual accountability in insurance: extension of Senior Managers and Certification Regime to insurers), and to CP28/17 (Strengthening accountability: implementing the extension of the SM&CR to insurers and other amendments), along with final rules, forms, and a further update to SS35/15, in the summer of 2018.