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Senior Insurance Managers Regime

The Senior Insurance Managers Regime (SIMR) and a streamlined SIMR for smaller insurers outside the scope of Solvency II comes into force in March 2016.

The SIMR will affect all Solvency II insurance and reinsurance firms. Similar to the Senior Insurance Managers Certification Regime for Banks, the SIMR is intended to close gaps in responsibility which have previously allowed senior managers to avoid personal responsibility for issues which have occurred under their watch.

In particular, the SIMR will hold senior individuals responsible for their conduct and for the conduct of persons and areas which they are responsible. Persons currently holding SIF or SIMF roles will be automatically gold-plated into the new regime. By 8 February 2016, all firms will be required to to have mapped out responsibilities and to have notified the PRA and FCA of indiviiduals who will be grandfathered into the new regime.

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