Marsh Insights: The Senior Managers Regime
The new Senior Managers and Senior Insurance Managers Regimes for relevant financial institutions are due to come into force on 7 March 2016 and will apply to banks, building societies, credit unions, PRA-designated firms, insurers and reinsurers.
We have created an update on the upcoming new Regimes, which discusses:
- The regimes for banks and insurers.
- Senior management functions, certification regime, and conduct rules for banks.
- The regulatory toolbox for enforcing the new regimes.
- Directors and officers (D&O) policy considerations.
Firms should be putting in place the necessary infrastructure to support the changes required and should be reviewing their D&O insurance arrangements to ensure that policy terms and conditions will respond adequately to the risks faced by senior management under the new laws.
Please contact us for further information on reviewing your existing D&O insurance arrangements in light of these changes.