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Governance, Risk and Compliance - The UK Insurance Industry

Published By :

Timetric

Published Date : Jun 2015

Category :

Insurance

No. of Pages : 62 Pages

Synopsis

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 UK’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 GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.

Executive summary

Timetric’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 operations of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Scope

  • This report covers details of the insurance regulatory framework in the UK.
  • The report contains details of rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the UK insurance regulatory framework.
  • The repot analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
  • The report provides details of taxation imposed on insurance products and companies.

Reasons to buy

  • Gain insights into the insurance regulatory framework in the UK
  • Track latest regulatory changes and expected changes impacting the UK insurance industry
  • Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
  • Understand key regulations and market practices relating to various types of insurance product

Key highlights

  • The FSA was replaced by two new regulatory bodies – PRA and FCA on April 1, 2013.
  • Solvency II is expected to be implemented in the UK from January 1, 2016, which will introduce new risk management standards for insurers.
  • The favorable FDI regime permits up to 100% foreign participation in the UK insurance industry.
  • Non-admitted insurance is not permitted in the UK. However, insurance companies from other member states of the EEA are permitted to operate in the country and are exempted from authorization.
  • Employer's liability and motor third-party liability insurance are key compulsory classes of insurance.
Table of Contents

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 Regulatory Changes
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 Compulsory Insurance
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
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Prudential Regulation Authority
2.5.4 Financial Conduct Authority
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 Types 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 margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
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
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Table

Table 1: Insurance Industry Definitions
Table 2: UK – Insurance Regulatory Framework Key Features
Table 3: UK – Life Insurance Regulatory Framework
Table 4: UK – Property Insurance Regulatory Framework
Table 5: UK – Motor Insurance Regulatory Framework
Table 6: UK – Liability Insurance Regulatory Framework
Table 7: UK – Benefits Under National Insurance Scheme
Table 8: UK – Capital Requirements for Long-term Insurers
Table 9: UK – Capital Requirements for General Insurers
Table 10: UK – Corporate Tax Rates for the Financial Year 2015
Table 11: UK – VAT Rates in UK for Insurance Products

List of Chart

Figure 1: UK – The Three Pillars of Solvency II
Figure 2: UK – Insurance Supervision and Control at Various Levels
Figure 3: UK – Insurance Regulatory Frameworks for Company Registration and Operation

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