We are jointly consulting with the PRA on the proposed changes to the Senior Insurance Managers Regime (SIMR) for Swiss general insurers.
Why are we issuing this consultation paper?
The PRA initially excluded Swiss general insurers from the application section of its rules for the SIMR, as it was awaiting completion of the EU’s negotiation on an update to the Swiss Treaty Agreement (No. 91/370/EEC). However, this update has not been made yet and so the PRA is consulting on some interim rules, to ensure that a suitable regime is in place for these firms from 7 March 2016. Therefore, the PRA proposes bringing Swiss general insurers within most of the scope of the SIMR and governance rules for large non-Directive firms.
The FCA is consulting jointly with the PRA on this change. Proposed changes to the FCA rules are consequential to those of the PRA.
Consultation paper CP15/37[1] [PDF]
Who is this consultation aimed at?
This consultation will be of interest to non-Directive firms and Swiss general insurers.
Next steps
We want to know what you think of our proposals and welcome comments via email by 11 January 2016:
FCA: [email protected]
PRA: [email protected]
The proposed amendments in this consultation are intended to be brought into effect on 7 March 2016.
Further information
PRA: Consequential amendments to the Senior Managers Regime (SMR) and the Senior Insurance Managers Regime (SIMR)