Clifford Chance
Update: the Senior Insurance Managers Framework
11 May 2015
On 23 March 2015, the PRA unveiled its new accountability regime for insurers by publishing the final rules implementing the Senior Insurance Managers Regime ("SIMR").
The new rules apply to all insurers that come under the Solvency II regime and will replace the PRA's APER and FIT current sourcebooks.
This note highlights the key changes made by the PRA following the consultation on the draft rules in CP26/14 Senior insurance managers regime: a new regulatory framework for individuals.
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