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Chartered Insurance Institute
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The PRA Senior Insurance Managers Regime  - half day course
 

Overview

The introduction of the PRA's Senior Insurance Managers Regime (SIMR) in 2016 is the first major change to approved persons since 2000. The joint drivers are the need to make executive accountability more explicit and transparent across large firms in the financial sector and, for insurance, to formally incorporate the governance requirements of the Solvency II Directive.

SIMR is not a just a changed regime for individual Executive/Non-Executive approved persons, it is also a major review of governance and collective accountabilities, and applies similar individual obligations to key functions below board level.

This course explains the language and mechanics of this pivotal new regime, suggests how it is applied and explores some of the dilemmas it will create.

Programme

  • The origins of SIMR: more explicit executive accountability and the key functions required within Solvency II governance. How SIMR has evolved
  • Senior Insurance Management Functions, and identifying those key functions necessary to the safe and prudent operation of the business. Pre-approval vs. notification, and the application process
  • Clarifying the situation for Non-Executive Directors
  • Enhanced fitness and propriety, and the conduct standards with which to comply. The focus on competence
  • Shared governance: understanding and allocating the prescribed responsibilities. Individual/joint/multi ownership?
  • Demonstrating collective accountability: the governance map and documents that might comprise it
  • The implications from operating parallel FCA and PRA regimes: what dilemma will this present, and how might they be resolved.

Learning outcomes

At the end of the course you will be able to:

  • Summarise the drivers of the Senior Insurance Managers Regime (SIMR)
  • Explain the scope of SIMR: SIMFs and key functions
  • Describe the fit and proper requirements that must be satisfied, particularly competence
  • Interpret the conduct standards, and  what would constitute a breach of those principles
  • Examine the prescribed responsibilities and suggest their likely allocation
  • Explore the compilation and shape of the mandatory governance map
  • Discuss the implications of the necessity of operating parallel FCA and PRA approved person regimes.

Who should attend?

This course is designed for existing or potential PRA Senior Insurance Management Functions and Key Function holders, as well as compliance officers, risk managers and company secretaries.

CPD hours

Attendance of this course awards up to 3 CPD hours where you consider it relevant to your professional development needs.

Book online

Sold out!

Scheduled dates for this course have now sold out, please keep checking the website for updates to availability. Dates are added subject to demand and can also be run in-house for corporate clients.