Senior insurance managers regime (SIMR) for insurers | Practical Law

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.

Senior insurance managers regime (SIMR) for insurers

Practical Law UK Practice Note Overview 4-603-5685 (Approx. 43 pages)

Senior insurance managers regime (SIMR) for insurers

by Practical Law Financial Services
Law stated as at 10 Dec 2018 • United Kingdom
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.
The senior managers and certification regime (SM&CR) was extended to insurers with effect from 10 December 2018. The SM&CR replaced the SIMR and the revised approved persons regime for these firms. For an overview of the SM&CR for insurers, see Practice note, SM&CR for insurers.