Michael Crawford, insurance partner at KPMG, responds to today’s publication of the Bank of England’s consultation papers into the Senior Insurance Manager’s Regime (SIMR)
“It clearly shows that the regulator is taking the SIMR seriously, albeit proportionally which is good news for the some 100 smaller insurance firms in the UK this consultation paper applies to. This will help create a level playing field. However, there is a question whether this will create added costs firms in a run off.
“This clearly means that more expectations will be focused on the larger firms and the question is whether they are doing enough to be ready by the 1st January 2016 deadline. Insurers that fail to take note and implement the changes risk coming under further scrutiny by the regulator.”
Simon Chan, PR Assistant Manager, KPMG
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.