We use cookies to deliver our online services. Details of the cookies we use and instructions on how to disable them are set out in our Cookies Policy. By using this website you agree to our use of cookies. To close this message click close.

UK: Extension of Senior Managers Regime to insurance companies: Update

09 October 2014
On 25 September Dr Mark Carney, the Governor of the Bank of England, announced in a speech at the Institute & Faculty of Actuaries, that the PRA is in the process of developing a senior managers regime for insurance companies and will consult on the regime later this year.  Dr Carney's speech contained only a few details about how the regime will apply to insurers:

  • the regime will not be the same as the regime for banks, for example, there will be no statutory provision for applying the "reverse burden of proof";
  • the regime will apply to senior actuaries of both life and non-life insurance companies, as well as CEOs, chairmen, chief financial and risk operators.

Secondary legislation to amend the Financial Services (Banking Reform) Act 2013 will be needed in order to extend the senior managers regime to insurance companies.  Details of the senior managers regime, as it applies to banks and investment firms, are set out in our blog dated 21 August 2014.

UK Insurance disruption from the 17th century

The Great Fire of London was finally extinguished 350 years ago today. New insurance structures emerged in the aftermath of the Great Fire – which bear striking resemblance to some of ...

05 September 2016
Loading data