Ownership of insurers

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Control and governance—insurance

The Financial Services and Markets Act 2000 (FSMA 2000) established a regulatory regime for the financial sector, including insurance. The Financial Services Act 2012 (FSA 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,

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Latest Insurance & Reinsurance News

Reinsurers deny liability to Chubb over bill for aircraft loss

Law360, London: Reinsurers including American International Group (AIG) and AXA have denied liability for Chubb's US$5.7m bill to aircraft lessors for losses caused by Russia's invasion of Ukraine, saying Chubb's losses were not caused by any failure by the reinsurers to indemnify the lessors.

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Insurance & Reinsurance weekly highlights—16 October 2025

This week's edition of Insurance weekly highlights includes: 'Simple' flood defence measures could save UK £740m a year; Insurers eye 'forever chemicals' exclusions amid claims risk; FSCS declares Gibraltar motor insurer Premier Insurance Company Limited in default; Insurance brokers could face FCA scrutiny over commissions; Kennedys' Rekha Cooke on the FCA senior managers regime; Commission requests EIOPA advice on insurance guarantee scheme standards; EIOPA issues final report on revised guidelines for determining market shares for reporting; EIOPA launches six consultations on Solvency II Review legal instruments; EIOPA publishes guidelines on diversity for (re)insurer boards plus key cases and dates for your diary.

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