United Kingdom Insurance Industry Governance, Risk and Compliance Report 2019 – ResearchAndMarkets.com
Governance, Risk and Compliance - The
The responsibilities of the FSA were separated between the two new bodies, which are as follows
- The PRA is a quasi-governmental regulator responsible for promoting the stable and fair operation of the financial system. It performs its operations by regulating all deposit-taking institutions, insurers and investment banks
- The
FCA is a quasi-governmental regulator responsible for overseeing conduct in retail and wholesale financial markets and the infrastructure that supports those markets. TheFCA is also responsible for the regulation of firms that do not fall under PRA's scope
Key Findings
- Two new regulatory bodies - PRA and
FCA , replaced the FSA onApril 1, 2013 - Solvency II came into force in the
UK onJanuary 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
Scope
- The report covers details of the insurance regulatory framework in the
UK . - The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Gain insights into the insurance regulatory framework in the
UK . - Track the latest regulatory changes, and expected changes impacting the
UK insurance industry. - Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Key Topics Covered:
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in the Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4
2.4.1 Employer's liability insurance
2.4.2 Motor third-party liability insurance
2.4.3 Merchant shipping compulsory insurance
2.4.4 National Insurance Scheme
2.4.5 Professional indemnity insurance
2.4.6 Air carriers and aircraft operators insurance
2.4.7 Clinical trials liability insurance
2.4.8 Liability for ships with respect to oil pollution
2.4.9 Construction insurance
2.5 Supervision and Control
2.5.1
2.5.2
2.5.3
2.5.4
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/7ln1yf
View source version on businesswire.com: https://www.businesswire.com/news/home/20191205005465/en/
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