CII LM3 Practice Questions - CII LM3 London Market Underwriting Principles Exam

What is a primary purpose of the Senior Managers & Certification Regime (SM&CR) as it applies to UK insurers?

To set the retail premium for every commercial insurance product sold in London To strengthen individual accountability by ensuring senior managers and certified staff are fit and proper and clear about their responsibilities To abolish the need for boards of insurers to oversee risk and capital To transfer all prudential supervision of insurers from the PRA to local authorities

Correct Answer:

To strengthen individual accountability by ensuring senior managers and certified staff are fit and proper and clear about their responsibilities

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