SMCR and insurers: call to action for HR

From 10 December, insurers move from the SIMR to the much more onerous SMCR – with the Certification Regime presenting their biggest challenge. Heidi Watson and Ruth Bonino discuss employment aspects of what insurers should do before commencement, as well as in the one-year transitional period that follows.

Written by employment partner Heidi Watson and professional support lawyer Ruth Bonino at law firm Clyde & Co. Contact them on heidi.watson@clydeco.com and ruth.bonino@clydeco.com.

Insurers will already be familiar with the Senior Insurance Managers Regime (SIMR), which came into force on 7 March 2016. The Senior Managers and Certification Regime (SMCR) is somewhat different. There’s a lot more to do, more people affected, as well as more processes and policies to revise and implement. Human Resources teams will need to work closely with Compliance and Legal to bring these into shape.