SMCR & SIMR: Extended SMCR for Insurers

As of 10 December 2018, SM&CR has been extended to apply to all insurance and reinsurance firms regulated by the FCA and the PRA, replacing the Senior Insurance Managers Regime (SIMR) and the Revised Approved Persons Regime for insurance firms.

The extended SM&CR now includes insurers and reinsurers, ISPVs, UK Branches, Society of Lloyd's and managing agents, to bring the banking and insurance sectors in alignment with SM&CR accountability regimes.

What does this mean?

• The extended SMCR will replace the existing PRA Senior Insurance Managers Regime (SIMR) and the FCA Approved Person's Regime (APER).

• Insurers are now subject to components of SMCR that did not apply previously (for example, Certification Regime, Conduct Rules and Handover process).

To align with this change, Senior Management Functions (SMFs) and Responsibilities previously designated as solely applicable to the SIMR regime, will move across to SMCR in Diligent Entities SMCR.