The following Insurance & Reinsurance practice note Produced in partnership with Alice Carse and Anna Greenkey of Devereux Chambers provides comprehensive and up to date legal information covering:
The Financial Services and Markets Act 2000 (FSMA 2000) established a regulatory regime for the financial sector, including insurance. The Financial Services Act 2012 established a dual regulatory regime under the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). These arrangements entered into force on 1 April 2013. Both the PRA and FCA are involved in the regulation of insurers and reinsurers in the UK. In general terms, the PRA is responsible for authorising firms to carry out certain activities and the FCA is responsible for regulating the on-going conduct of a firm.
No person may carry on a regulated activity in the UK unless it is authorised to do so or exempt from authorisation (FSMA 2000, s 19). A regulated activity is an activity of a kind specified by the Treasury, which is carried on by way of business and relates to an investment of a specified kind; this includes 'Rights under a contract of insurance' (FSMA 2000, Sch 2, Pt II, para 20 and Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544, art 75 (the 2001 Order)).
Also included as regulated activities are effecting a contract of insurance as principal and carrying out a contract of insurance and principal (article 10 of the 2001 Order).
The PRA regulates the following activities: effecting or carrying out contracts of insurance, managing the underwriting
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