SMCR 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.
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| 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) |
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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
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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 |
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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. |
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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 |
| 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 |
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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 |
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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 andCP26/14 |
