SMCR: 10 things insurers need to know

​Our briefing note highlights the top ten things insurers need to know about the proposed extension of the Senior Managers and Certification Regime (SMCR).

  • Submitted 25 September 2017
  • Applicable Law UK
  • Topic Insurance

In this briefing note we answer the following questions:

  1. When will the extended regime apply?
  2. What are the main elements of the SMCR?
  3. Will there be different requirements for different types of insurance firm?
  4. What are the differences between the extended SMCR regime and the current SIMR regime which already applies to Solvency II insurers?
  5. Are there any specified Senior Manager positions which must be filled and/or specific responsibilities which must be allocated?
  6. What is the “Duty of Responsibility" for Senior Managers?
  7. What is the territorial applicability of the regime? What if my firm is UK branch of an overseas firm?
  8. Outsourcing
  9. Regulatory references - what do these entail?
  10. What should I do now?

Download the briefing note

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This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.