Rules will make it easier for regulators to hold individuals to account for any misconduct or failure
The PRA will set out its final rules on accountability and responsibilities of senior insurance managers in a raft of documents to be published on Wednesday.
Then rules are intended to create a new framework around the responsibilities of senior individuals within insurance firms and groups, and to make it easier for both firms and regulators to hold individuals to account for any misconduct or failure.
The regulator will also release amendments to previously published documents.
The documents to be published this week are:
- Consultation paper: Senior Insurance Managers Regime: implementation proposals for non-Solvency II insurance firms
- Consultation paper: The prudential regime for non-Solvency II insurance firms and consequential amendments
- Policy statement: The Senior Insurance Managers Regime: a streamlined approach for non-Solvency II insurance firms
- Policy statement: Strengthening individual accountability in insurance
- Supervisory statement: Strengthening individual accountability in insurance
The PRA said “enhancing individual accountability and responsibility should have a positive impact on individual behaviour and the general culture within firms”.
Information required for Solvency II
The PRA has also published a consultation today on some of the information it will demand from insurers under new Solvency II (SII) rules.
The publication is called – Solvency II: Reporting and public disclosure – options provided to supervisory authorities.
On 30 June 2015 EIOPA issued its final report on the templates that firms are to submit to their supervisory authority which will be disclosed publicly.
For some templates, supervisory authorities have the option to specify an alternative approach.
Following the findings of the consultation, the PRA plans to issue a supervisory statement that sets out what PRA regulated insurers are expected to do where SII guidelines gives these options to supervisory authorities.