Published on : Oct 04, 2016
ALBANY, New York, Oct 04, 2016: ResearchMoz.us has announced the addition of a new report to its repository of market research reports. The report is titled, “Governance, Risk and Compliance - The UK Insurance Industry.” The study presents a thorough overview of the historical and estimated growth of the U.K. insurance sector in terms of compliance, risk, and governance.
The report provides a comprehensive outline of the regulatory framework of the insurance sector in the United Kingdom along with the latest trends and expected changes in the market over the forthcoming years. To present a clear picture of the U.K. insurance industry, the report states the market practices and key regulations pertaining to various types of insurance services and products in the country. The study further highlights the scope of compulsory and non-admitted insurance in the United Kingdom. Details regarding legal and tax systems have also been assessed in the research report.
According to the report, in 2013, the Financial Services Authority of the U.K. was replaced by Prudential Regulation Authority and Financial Conduct Authority to enable better regulation and compliance of the insurance sector in the country. The Solvency II was implemented from January 1, 2016, in the United Kingdom. It introduced new risk management standards for insurance providers to avoid any uncertain loss and risk on capital.
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The study further states that the growth of the insurance industry in the U.K. can be credited to the advantageous FDI management that permits almost 100% foreign participation in the insurance sector of the country. The U.K. insurance industry does not permit non-admitted insurance. Although insurance companies from the European Economic Area member states are allowed to operate in the country with exemption from authorization. The U.K. insurance industry has prime compulsory classes such as third party liability and employer’s liability insurance.
The first section of the report assesses the historical evolution and legislation overview of the U.K. insurance industry. It further highlights the current regulatory changes and types of insurance such as life insurance, property insurance, motor insurance, liability insurance, transit, aviation, and marine insurance, health and personal accident insurance, compulsory insurance such as employer’s liability insurance, motor third party liability insurance, merchant shipping compulsory insurance, national insurance scheme, and professional indemnity insurance.
The study also offers an insight into the various control and supervision authorities in the insurance industry of the U.K. such as International Association of Insurance Supervisors, European Insurance and Occupational Pensions Authority, Prudential Regulation Authority, and Financial Conduct Authority. It also highlights the non-admitted insurance regulations implemented in the country’s insurance sector.
Towards the end of the report, information relating to solvency margins, reserve requirements, investment regulations, taxation, and legal system has been provided. The report also offers a set of charts and tables for a better understanding of the market.
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