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PRA Tells Insurers How To Meet New Accountability Rules

Law360, London (February 7, 2018, 12:44 PM GMT) -- The U.K. Prudential Regulation Authority issued fresh guidance on Wednesday for insurance companies on implementing tough new rules designed to make senior managers personally accountable for misconduct on their watch.

The PRA, a supervisory and regulatory arm of the Bank of England, clarified its expectations in a new supervisory statement, outlining what firms need to do to comply with the Senior Insurance Managers Regime, which came into force in March 2016 as part of Britain’s wider response to the 2008 financial crisis.

The PRA expects firms...
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