Governance, Risk and Compliance - The UK Insurance Industry

Governance, Risk and Compliance - The UK Insurance Industry

Summary

GlobalData’s 'Governance, Risk and Compliance - The UK Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the UK.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers 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.

Key Highlights

- 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.

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.