Market Research Report
Governance, Risk and Compliance - The UK Insurance Industry
|Published by||GlobalData||Product code||334001|
|Published||Content info||118 Pages
Delivery time: 1-2 business days
|Governance, Risk and Compliance - The UK Insurance Industry|
|Published: November 21, 2019||Content info: 118 Pages||
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) began regulating the insurance industry in the UK in April 2013 under the Financial Services Act 2012. The Financial Services Authority (FSA), an independent non-governmental body with statutory powers from the Financial Services and Markets Act 2000 (FSMA 2000), previously governed the UK insurance industry before the formation of the PRA and FCA. The FSA was responsible for regulating the entire financial services industry in the UK including the insurance industry.
The responsibilities of the FSA were separated between the two new bodies, which are as follows
The report "Governance, Risk and Compliance - The UK Insurance Industry" 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 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.