Clifford Chance

Amendments and optimisation of the Senior Insurance Managers Regime

24 May 2017

Following the full implementation of the PRA's senior insurance managers' regime ("SIMR") on 7 March 2016, the PRA has shown a commitment to monitoring and revising the regime to improve clarity, flexibility and proportionality. Following a consultation process, the PRA has made revisions to SIMR requirements applicable to insurers who outsource their internal audit function, insurers in run-off and individuals acting as "Notified" non-executive directors ("NEDs").

This note highlights the key changes following the publication on 12 May 2017 of the PRA's Policy Statement PS12/17. Although PS12/17 is relevant to all PRA-regulated firms, this note is limited to the new requirements applying to insurers within the scope of Solvency II.

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