PRA introduces new rules on regulatory references

The Prudential Regulation Authority and the Financial Conduct Authority have made rule on regulatory references and on the application of the Senior Insurance Managers Regime (SIMR) to Swiss general insurers, among others. The new provisions include:

  • PRA rules to implement the first set of proposals on regulatory references following PRA CP36/15;
  • PRA and FCA final rules to implement the proposals for the application of the SIMR to Swiss general insurers; and
  • Final PRA rules to implement the remaining proposals made in Chapter 4 of PRA CP36/15 and in PRA CP41/15.

The rules relating to the grandfathering provisions for current approved persons came into force on 15 February 2016 with the remainder of the rules due to come into force on 7 March 2016.

Further details can be found in the PRA / FCA joint policy statement at http://www.bankofengland.co.uk/pra/Documents/publications/ps/2016/ps516.pdf

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