Effecting and carrying out contracts of insurance
Published by a LexisNexis Financial Services expert
Practice notesEffecting and carrying out contracts of insurance
Published by a LexisNexis Financial Services expert
Practice notes
Background to the regulated activities of effecting and carrying out contracts of insurance
The regulation of carrying on insurance business in the UK dates back to 1870 with the enactment of the Life Assurance Companies Act 1870 (which contained a requirement for any company engaged in life assurance business to make a deposit in court by way of security). A number of enhancements were made by successive pieces of legislation.
The original UK system of regulation was rendered somewhat obsolete by the implementation of various pieces of EU legislation dating back to the early 1970s: there followed a directive governing life assurance. These directives included:
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the First Non-Life Insurance Directive (Directive 73/239/EEC), which brought in a European Economic Community (EEC) system of solvency margins, as well as a procedure for insurers to follow if they fail to meet such requirements
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the First Life Insurance Directive (Directive 79/267/EEC), which contained similar provisions to the first non-life insurance directive
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the Second Non-Life Insurance Directive (Directive 88/357/EEC) which enhanced the first non-life insurance directive
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the
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Requirements definition
What does Requirements mean?
A DCO should include “Requirements” to which the development authorised by the DCO is to be subject. Similar to planning conditions, a requirement specifies the matters for which detailed approval needs to be obtained before the development can be lawfully begin.
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