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SS35/15 - Strengthening individual accountability in insurance

Supervisory statement 35/15

First published on 13 August 2015

This supervisory statement sets out the Prudential Regulation Authority's (PRA's) approach to strengthening individual accountability in insurance. It is addressed to:

UK Solvency II insurance firms;
third country insurance branches within the scope of the PRA’s rules transposing the Solvency II Directive; and
the Society of Lloyd's and managing agents.

The statement sets expectations regarding:

the SIMR;
the application of conduct standards and associated notifications; and
assessing fitness and propriety.

Current version

Published on 15 November 2024. Effective from 31 December 2024.

Supervisory statement 35/15 – November 2024 (pdf)

- Following PS15/24 – Review of Solvency II: Restatement of assimilated law

Past versions

Published on 1 June 2021. Effective from 2 June 2021.
- Supervisory Statement 35/15 – June 2021 (pdf)
- following PS11/21 ‘Strengthening accountability: Temporary, long-term absences’.

Published 4 July 2018. Effective from 10 December 2018 (superseded on 24 February 2020 by February 2020 version).
- Supervisory Statement 35/15 - July 2018 (pdf)
- following PS15/18 ‘Strengthening individual accountability in insurance: Extension of the Senior Managers and Certification Regime to insurers’.

Published on 7 February 2018. Effective from 10 December 2018 (superseded on 4 July 2018 by July 2018 version).
- Supervisory Statement 35/15 - February 2018 (PDF)
- following PS1/18 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.

Published on 12 May 2017. Effective from 12 May 2017 (superseded on 10 December 2018 by July 2018 version).
- Supervisory Statement 35/15 - May 2017 (PDF)
- following PS12/17 ‘Strengthening individual accountability in banking and insurance: amendments and optimisations’.

Published on 28 September 2016. Effective from 28 September 2016 (superseded on 12 May 2017 by May 2017 version).
- Supervisory Statement 35/15 - September 2016 (PDF)
- following PS27/16 ‘Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II)'.

Published on 13 August 2015. Effective from 13 August 2015 (superseded on 28 September 2016 by September 2016 version).
- Supervisory Statement 35/15 (PDF)
- following PS22/15 ‘Strengthening individual accountability in insurance: responses to CP26/14, CP7/15 and CP13/15’.

First publication of SS.

Published on 24 February 2020. Effective from 24 February 2020.
- Supervisory Statement 35/15 – February 2020 (pdf)
- following PS3/20 ‘Responses to Occasional Consultation Paper 25/19 – Chapters 2 and 3’.

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