The following Financial Services Q&A provides comprehensive and up to date legal information covering:
There is no statutory definition of an insurance contract, despite the fact that effecting and carrying out contracts of insurance are regulated activities under the Financial Services and Markets Act 2000. The generally accepted position, and the starting position taken by the Financial Conduct Authority in its perimeter guidance (PERG) (PERG 6.3.4 and PERG 6.5) has been to look to common law. The description of insurance given in Prudential v Commissioners of Inland Revenue is usually regarded as a good starting point. This case describes a contract of insurance as one whereby one party (the insurer) promises in return for consideration (the premium) to pay to the other party (the insured) a sum of money, or to provide them with a corresponding benefit,
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