SMCR for for insurance firms

 

The SMCR was extended to insurers on 10 December 2018, replacing the PRA’s Senior Insurance Managers Regime (SIMR) and the FCA’s Approved Persons Regime. The extension means that insurers are subject to elements of the SMCR which have not been applied to them previously such as the Certification Regime, handover procedures and the statutory duty of responsibility. In addition, almost all employees of insurers are now subject to the Conduct Rules. 

SMCR

The table below links to selected PRA/FCA publications relating to SIMR/the modified Approved Persons Regime and the extension of the SMCR to insurers.

 

Consultation papers  Policy statements
June 2019
PRA (CP12/19): Strengthening individual accountability: Resolution assessments and reporting amendments
September 2019
PRA (PS20/19): Strengthening individual accountability: Resolution assessments and reporting amendments.
October 2018
FCA (GC18/4): Proposed guidance on statements of responsibilities and responsibilities maps for FCA firms
March 2019
FCA (FG19/2): Guidance on statements of responsibilities and Responsibilities Maps for FCA firms
September 2018
PRA CP20/18: Strengthening accountability: implementing the extension of the SMCR to insurers (Part 2)
November 2018
PRA PS27/18: Strengthening accountability:
Implementing the extension of the SMCR to insurers (Part 2)
July 2018
FCA (CP18/19): Introducing the Directory
March 2019
FCA (PS19/7): The Directory
July 2018
PRA CP18/18: Strengthening accountability: implementing the extension of the SMCR to insurers
October 2018
PRA PS26/18: Strengthening accountability: Implementing the extension of the SMCR to insurers (Part 1)

December 2017

PRA CP28/17: Strengthening accountability: implementing the extension of the SMCR to insurers and other amendments

July 2018
PRA PS15/18: Strengthening individual accountability in insurance: Extension of the SMCR to insurers
December 2017
FCA CP17/41: Individual accountability: transitioning insurers and individuals to the SMCR

July 2018
FCA PS18/15: Extending the SMCR to insurers – feedback to CP17/26 and CP17/41 and near-final rules, with accompanying Guide for insurers

 

July 2017

PRA CP14/17: Strengthening accountability in insurance: extension of the SMCR to insurers
July 2018
PRA PS15/18: Strengthening individual accountability in insurance: Extension of the SMCR to insurers

July 2017

FCA CP17/26: Individual accountability: extending the SMCR to insurers
July 2018
FCA PS18/15: Extending the SMCR to insurers – feedback to CP17/26 and CP17/41 near-final rules, with accompanying Guide for insurers
June 2017
PRA CP8/17: Strengthening individual accountability in banking and insurance: optimisations to the SIMR and
changes to forms

February 2018

PRA PS1/18: Strengthening individual accountability in insurance: optimisations to the SIMR, changes to SMR forms and update to SS35/15
September 2016
PRA CP34/16: Strengthening individual accountability in banking and insurance: amendments and optimisations

May 2017

PRA PS12/17: Strengthening accountability in banking and insurance: amendments and optimisations

November 2015

PRA CP41/15 / FCA CP15/37: Occasional consultation paper (including consequential amendments to SMR and SIMR)

 

October 2015

PRA CP36/15 / FCA CP15/31: Consultation paper on regulatory references 

February 2016

PRA PS5/16 / FCA PS16/5: Strengthening accountability in banking and insurance: Implementation of SMCR and SIMR; and PRA requirements on regulatory references

 

FCA PS16/3: Strengthening accountability in banking: Feedback on CP15/22 and CP15/31: rules on extending the certification regime to wholesale market activities and interim rules on referencing.

August 2015

PRA CP26/15: The Senior Insurance Managers Regime: implementation proposals for non-Solvency II firms
November 2015

PRA PS26/15: The prudential regime and implementation of the Senior Insurance Managers
Regime for non-Solvency II firms

August 2015
FCA CP15/25: Changes to the Approved Persons Regime for insurers not subject to Solvency II: reforms for larger
Non-Directive Firms, feedback on CP15/15, forms, consequentials and transitional aspects

December 2015

FCA PS15/31: Final Rules on changes to the Approved Persons Regime for insurers not subject to Solvency II
February 2015
FCA CP15/4 / PRA CP6/15: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers

October 2015

PRA PS24/15: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers

 

FCA PS15/24: Whistleblowing in deposit-takers, PRA-designated investment firms and insurers

March 2015

PRA CP12/15: SIMR: a streamlined approach for non-Solvency II firms

August 2015

PRA PS21/15: The Senior Insurance Managers Regime: a streamlined approach for non-Solvency II firms

March 2015

PRA CP/15/16 / PRA CP13/15: Changes to the Approved Persons Regime for Solvency II firms: forms, consequential changes and transitional arrangements

 

February 2015

FCA CP15/5 / PRA CP7/15: Approach to non-executive directors in banking and Solvency II firms […]

 

November 2014

FCA CP14/25: Changes to the Approved Persons Regime for Solvency II firms

 

PRA CP26/14: Senior insurance managers regime: a new regulatory framework for individuals

August 2015

PRA PS22/15: Strengthening individual accountability in insurance: responses to CP26/14, CP7/15 and CP13/15

 

FCA PS15/21: Changes to the Approved Persons Regime for Solvency II firms: Final rules (including feedback on CP14/25, CP15/5 and CP15/16), and consequentials relating to CP22/15 on strengthening accountability in banking

 

March 2015

PRA PS3/15: Strengthening individual accountability in banking and insurance: responses to CP14/14 and
CP26/14