Is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in United Kingdom. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the UK, including -
- An overview of the insurance regulatory framework in the UK.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the UK.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Some of the Key Takeaway’s of the report are -
- Two new regulatory bodies - PRA and FCA - replaced the FSA on April 1, 2013.
- Solvency II came into force in the UK on January 1, 2016, and introduced new risk management standards for insurers.
- The favorable FDI regime allows up to 100% foreign participation in the UK insurance industry.
- Non-admitted insurance is not allowed in the UK. However, insurance companies from other the EEA Member States are permitted to operate in the country and are exempted from authorization.
- Employer's liability and motor third-party liability insurance are the key compulsory classes of insurance.