PRA consults on toughening rules for insurer managers

The Prudential Regulation Authority has proposed bolstering the
Senior Insurance Managers' Regime (SIMR) by introducing new key
functions and requiring the separation of the chairman and CEO
roles at large insurers.
The changes, outlined in a consultation paper, are designed to
bring the insurance sector in line with the banking industry. The
consultation comes 15 months after SIMR replaced the Approved
Persons Regime for Solvency II insurers and large entities that
fall outside that framework.