info@padda-consulting.co.uk     |     0208 249 2407     
 Back to News

SS35/15 UPDATE - Strengthening Individual Accountability in Insurance

Update 12 May 2017: SS35/15 was updated and this version of SS35/15 supersedes the update issued on 28 September 2016.  The statement sets out the Prudential PRA's approach to strengthening individual accountability in insurance. It is addressed to: 
 
The statement sets expectations regarding: 
 

  • the SIMR;
  • the application of conduct standards and associated notifications; and 
  • assessing fitness and propriety. 

 
This statement has been subject to public consultation and reflects the feedback that was received by the PRA in response to CP26/14 'Senior Insurance Managers Regime: a new regulatory framework for individuals' and CP7/15 'Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms'
 
This document will be updated periodically as the accountability regimes continue to develop, including to reflect provisions in the Bank of England and Financial Services Act. To ensure you have the current version of the document at any given point, please refer to Strengthening accountability - Policy development for any updates http://www.bankofengland.co.uk/pra/Pages/supervision/strengtheningacc/policydev.aspx