Important changes are being made to how key individuals working in the insurance sector are authorised. In particular, the Approved Persons Regime makes way for the Senior Insurance Managers Regime (SIMR). New rules and guidance on the Senior Insurance Managers Regime were published on August 13th 2015. These set out the PRA’s requirements on the standards of behaviour expected of those in positions of responsibility within regulated insurance firms. For Solvency 2 firms in particular, the new rules have far reaching implications.
Whilst Solvency 2 is the key driver, these changes also extend to the responsibilities of authorised individuals in non-Solvency 2 firms. Most significantly, they include new roles and measures which demonstrate collective accountability for governance. The changes began coming into force from January 2016, with a number of tasks to be completed before the end of the year. Firms that have yet to address these issues could soon find themselves in trouble.
Firms looking for some insight and practical support, may be pleased to know that Searchlight offers a half-day workshop on the Senior Insurance Managers Regime that covers everything you need to know about the latest regulatory changes and how to prepare for them. If you would like some more hands-on assistance, Searchlight also offers a Senior Insurance Managers Regime readiness programme that can help you implement the necessary changes in the most appropriate way for your business.
The subject can be quite complicated. And, with the PRA and FCA both involved, there is a lot to keep track of here – and a number of grey areas opening up for sole FCA regulated firms in particular.
Providing an overview of the current state of play across the piece for regulated individuals, and a detailed commentary on areas such as the Fit and Proper Test, the Code of Conduct and the Principles for Approved Persons, Searchlight’s new introductory course on Authorised Individuals provides the perfect grounding for anyone seeking a fuller understanding of where these latest changes leave us.
To find out more click here.