The PRA Senior Insurance Managers Regime
- half day course
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.
- The origins of SIMR: more explicit executive accountability and
the key functions required within Solvency II governance. How SIMR
- 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
- 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
At the end of the course you will be able to:
- Summarise the drivers of the Senior Insurance Managers Regime
- 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
- Explore the compilation and shape of the mandatory governance
- 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.
Attendance of this course awards up to 3 CPD
hours where you consider it relevant to your
professional development needs.
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