Extension of the Senior Managers and Certification Regime to insurers

At the end of July, the Prudential Regulation Authority and the Financial Conduct Authority issued two complementary Consultation Papers, setting out their proposals to extend the Senior Managers & Certification Regime, which currently applies to the banking sector, to insurers. This article provides an extended summary of the proposed changes that will apply to Solvency II insurers, Insurance Special Purpose Vehicles and large Non-Directive Firms.