General Insurance Article - Insurers must wake up and smell the SIMR says KPMG


In response to today’s publication of the Bank of England’s consultation papers into the Senior Insurance Manager’s Regime (SIMR), Michael Crawford, insurance partner at KPMG said:

 “It is clearly show 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.”
  

Back to Index


Similar News to this Story

Are you testing your smoke alarms often enough
Only 6% of residents follow safety recommendations for smoke alarms. More than one in 10 never test their alarms. Forgetfulness is given as the main r
SolvencyII review EU must unlock capital for Europes future
Insurance Europe welcomes the launch of the European Commission’s consultation on the Level 2 technical measures of the Solvency II review. It is an o
Mapathon puts Worlds vulnerable communities on the Map
The insurance data and analytics team at LexisNexis® Risk Solutions in the United States and Ireland have led a Mapathon in support of Missing Maps, a

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.