Senior insurance managers regime (SIMR) for insurers | Practical Law
Strengthening and clarifying the individual accountability and responsibility of directors and senior managers running large insurance and reinsurance companies has been a key priority for the PRA and FCA. This note provides an overview of the enhanced individual accountability framework for these companies, which came into force fully on 7 March 2016. It focuses in particular on the PRA's senior insurance managers regime (SIMR) and the changes the FCA made to its approved persons regime.