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21st October 2018
PRA publishes Policy Statement-"Strengthening accountability: Implementing the extension of the SM&CR to insurers"
This Prudential Regulation Authority (PRA) Policy Statement(PS26/18) provides feedback to responses to Consultation Paper (CP) 18/18 "Strengthening accountability: implementing the extension of the SM&CR to insurers". It also provides a rule instrument with amendments to the final rules for the implementation of the extension of the Senior Managers and Certification Regime(SM&CR, ‘the regime’) to insurers; along with a technical correction to the Insurance General Application Part of the PRA Rulebook.
This PS is relevant to all Solvency II insurance firms.
This PS should be read in conjunction with PRA PS15/18 "Strengthening individual accountability in insurance: Extension of the SM&CR to insurers", and Financial Conduct Authority(FCA) PS18/15 "Extending the Senior Managers and Certification Regime to insurers – Feedback to CP17/26 and CP17/41 and near final rules", along with the proposals in PRA CP20/18 "Strengthening accountability: implementing the extension of the SM&CR to insurers (Part 2)".
The extension of the regime to insurers is being introduced by amendments to the Financial Services and Markets Act 2000 (FSMA) through the Bank of England and Financial Services Act 2016(the 2016 Act). The extended SM&CR for insurers will come into effect on 10th December, through the application of the Commencement regulations that have been published by HM Treasury for the relevant amendments to FSMA in the 2016 Act.
Following the publication of the Commencement regulations by HM Treasury, the PRA published CP20/18 with some further proposed consequential technical amendments to its rules to take effect on 10th December. These further consequential changes are not intended to make any substantive change to the final policy and rules in this PS. A further PS containing the final rules following the consultation in CP20/18 will be published before the commencement of the regime.
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