Regulated activities

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Latest Insurance & Reinsurance News

Ireland—no ‘one stop’ forum—High Court refers part of pandemic insurance claim to arbitration (Charwin T/A Charlie’s Bar v Zavarovalnica Sava Insurance Company)

Government acts to cut cost of flood insurance premiums

The following Environment news provides comprehensive and up to date legal information on Government acts to cut cost of flood insurance premiums

The limits of disclosure under the pilot—what you won’t get even if you ask (Curtiss v Zurich Insurance plc)

The following Construction news provides comprehensive and up to date legal information on The limits of disclosure under the pilot—what you won’t get even if you ask (Curtiss v Zurich Insurance plc)

Insurance & Reinsurance monthly highlights—July 2021

The following Insurance & Reinsurance news provides comprehensive and up to date legal information on Insurance & Reinsurance monthly highlights—July 2021

Featured Insurance & Reinsurance content

Insurance premium

Insurance premiumAn insurance premium is the sum paid for insurance or reinsurance cover and is the consideration paid by the (re)insured for the...

PRA Rulebook—introduction for the insurance and reinsurance sector

PRA Rulebook—introduction for the insurance and reinsurance sectorOn 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA...

Motor claims in the Portal—a practical guide (Stage 1)

Motor claims in the Portal—a practical guide (Stage 1)The Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents—30 April...

Insurable interest

Insurable interestThis Practice Note considers insurable interest, including insurable interest in construction and liability insurance. It also...

Practice notes

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation...

Produced in partnership with Eleanor Ruiz of Reed Smith and Mark Pring of Reed Smith 19th May

Practice notes

Buildings insurance—subrogation rights and waivers

The principle of subrogationSubrogation is the right of an insurer, once it has made payment to its insured for loss covered by an insurance policy,...

19th May

Practice notes

Liability of the reinsurer to the insolvent insurance company

Liability of the reinsurer to the insolvent insurance companyEffect of liquidation on reinsurance recoveriesWhen an insurer goes into liquidation, its...

19th May

In-house

Practice notes

Brexit—exiting the EU under Article 50 [Archived]

Brexit—exiting the EU under Article 50 [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note contains...

Produced in partnership with Adam Cygan of University of Leicester 19th May

Brexit

Practice notes

The registration and regulation of friendly societies

The registration and regulation of friendly societiesWhat is a friendly society?There has been a system of registration, and with it regulation, of...

Produced in partnership with John Gilbert of Hogan Lovells International LLP 19th May

Practice notes

Double insurance and contribution

Double insurance and contributionOverlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover,...

Produced in partnership with Susie Wakefield and Matthew Brown of Shoosmiths LLP 19th May

Practice notes

Sanctions clauses and the effect of sanctions on insurance policies

Sanctions clauses and the effect of sanctions on insurance policiesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...

Produced in partnership with Daniel Martin of HFW 19th May

Practice notes

What is a contract of insurance?

What is a contract of insurance?This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an...

Produced in partnership with RPC 19th May

Practice notes

Forms of reinsurance and terminology

Forms of reinsurance and terminologyThe parties to a reinsurance contract and reinsurance terminologyThe principal parties to any reinsurance contract...

19th May

Practice notes

Insurance reserves, claims data and loss development triangles

Insurance reserves, claims data and loss development trianglesThis Practice Note explains insurance industry practice in relation to loss reserves,...

19th May

Practice notes

Conduct Rules for SM&CR Firms

Conduct Rules for SM&CR FirmsBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation...

Produced in partnership with Mark Compton and Lauren Smith of Mayer Brown International LLP 19th May

Practice notes

Warranty and Indemnity (W&I) insurance in private M&A transactions—guide to the key documents

Warranty and Indemnity (W&I) insurance in private M&A transactions—guide to the key documentsWith the significant rise in the use of Warranty and...

Produced in partnership with Adrian Furlonge of Hemsley Wynne Furlonge LLP 19th May

Practice notes

Public liability insurance—basic insurance principles

Public liability insurance—basic insurance principlesPublic liability insurance contractsInsuring clausePublic liability insurance indemnifies a...

19th May

Practice notes

Insurance—duty of disclosure

Insurance—duty of disclosureDuty of 'fair presentation'Under the Insurance Act 2015, s 3 (IA 2015), the insured has a duty to make a 'fair...

19th May

Practice notes

The functions and duties of insurance brokers—policy placement

The functions and duties of insurance brokers—policy placementThis Practice Note provides a high level introduction to the functions and duties of...

19th May

Practice notes

A guide to the Consumer Insurance (Disclosure and Representations) Act 2012

A guide to the Consumer Insurance (Disclosure and Representations) Act 2012Insurance contracts have always had an aura of mystery about them in the...

Produced in partnership with Alexander Rosenfield of Fenchurch Law and John Curran of Fenchurch Law 19th May

Most recent Regulated activities content

Practice notes

Outsourcing in insurance—one minute guide

Outsourcing in insurance—one minute guideThis Practice Note provides a high level guide to the key regulatory and practical issues relating to...

Produced in partnership with Simon Thomas of Carter Perry Bailey LLP 1st Aug

Q&As

What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?Article...

31st Jul

Q&As

The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Financial Services and Markets Act 2000. There are some limited exemptions to this requirement, for example breakdown insurance which is covered by Article 12 of the Regulated Activities Order. (Q1) Whilst the provider of 'breakdown cover/insurance' could operate under an exemption from carrying out and effecting a contract of insurance (Article 12), would the product ('breakdown cover/insurance') be classified as an insurance product? If so, should the terms and conditions of the ''breakdown cover/insurance' contain FOS rights against the provider, FSCS details? (Q2) If the product is considered to be insurance, will an agent distributing this 'breakdown cover or insurance' be conducting insurance mediation activity and therefore should be appropriately authorised, or make use of the Art 12 exemption?

The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Financial Services and Markets Act 2000....

31st Jul

Precedents

Terms of Business Agreement (TOBA)—insurer and managing agent/broker

Terms of Business Agreement (TOBA)—insurer and managing agent/brokerAn Agreement dated [date] governing the conduct of Insurance Business...

Produced in partnership with Davinia Collins of Womble Bond Dickinson (UK) LLP 31st Jul

Q&As

The Insurance Distribution Directive (IDD) introduces CPD requirements (Art 10) for Insurance Distribution. Where an insurance undertaking uses a third party intermediary to distribute the products, would the CPD requirements apply to both entities?

The Insurance Distribution Directive (IDD) introduces CPD requirements (Art 10) for Insurance Distribution. Where an insurance undertaking uses a...

31st Jul

Practice notes

What does 'by way of business' mean?

What does 'by way of business' mean?An activity is only a regulated activity if it is an activity which is carried out by way of business in the UK....

31st Jul

Practice notes

Carrying on unauthorised business and breaching the general prohibition

Carrying on unauthorised business and breaching the general prohibitionThis Practice Note outlines the relevant legislative provisions stipulating the...

Produced in partnership with Sarah Clarke QC of Serjeants' Inn 31st Jul

Practice notes

Regulated activities—exempt persons

Regulated activities—exempt personsIn this Practice Note, references to exemptions relate to persons who are exempt from the need to apply for...

31st Jul

Practice notes

Exclusions applying to specified activities relating to insurance

Exclusions applying to specified activities relating to insuranceBREXIT: The UK is leaving EU on Exit Day (as defined in the European Union...

31st Jul

Practice notes

PRA-regulated activities and the scope of PRA regulation

PRA-regulated activities and the scope of PRA regulationAs a result of the 2008 banking crisis, the government made a number of changes to the UK...

31st Jul

Practice notes

Effecting and carrying out contracts of insurance

Effecting and carrying out contracts of insuranceBackground to the regulated activities of effecting and carrying out contracts of insuranceThe...

31st Jul

Practice notes

Assisting in the administration and performance of insurance contracts

Assisting in the administration and performance of insurance contractsBackground to the regulation of assisting in the administration and performance...

31st Jul

Practice notes

What are regulated activities?

What are regulated activities?Under the general prohibition a person cannot carry out a regulated activity, or purport to carry out a regulated...

31st Jul

Practice notes

Exclusions and exemptions relating to the general prohibition—an introduction

Exclusions and exemptions relating to the general prohibition—an introductionThis Practice Note provides an introduction to the exemptions and...

31st Jul

Practice notes

Territorial scope of the general prohibition

Territorial scope of the general prohibitionWhere and how does the general prohibition apply?There is a fundamental prohibition at the heart of the UK...

30th Jul

Precedents

Financial services outsourcing agreement (intra group)

Financial services outsourcing agreement (intra group)BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...

30th Jul

Precedents

Letter of intent—outsourcing services

Letter of intent—outsourcing servicesStrictly private and confidentialTo: [Insert legal name of customer organisation] (a company registered in...

30th Jul

In-house

Precedents

Outsourcing agreement—long form

Outsourcing agreement—long formThis Agreement is made on [date]Parties1[Customer] a company incorporated in [England] with registered number [company...

30th Jul

In-house

Practice notes

Outsourcing in the insurance sector

Outsourcing in the insurance sectorThis Practice Note examines outsourcing in the insurance sector. The related documents pod on the right includes...

9th Jun

In-house

Practice notes

The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544

The Connected Contracts Exclusion—Article 72B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001/544IP COMPLETION DAY:...

Produced in partnership with Jamie Rogers of Hogan Lovells 5th Jun

Regulated activities

View Insurance & Reinsurance by content type:

Latest Insurance & Reinsurance News

Ireland—no ‘one stop’ forum—High Court refers part of pandemic insurance claim to arbitration (Charwin T/A Charlie’s Bar v Zavarovalnica Sava Insurance Company)

Government acts to cut cost of flood insurance premiums

The limits of disclosure under the pilot—what you won’t get even if you ask (Curtiss v Zurich Insurance plc)

Insurance & Reinsurance monthly highlights—July 2021

Featured Insurance & Reinsurance content

Insurance premium

PRA Rulebook—introduction for the insurance and reinsurance sector

Motor claims in the Portal—a practical guide (Stage 1)

Insurable interest

Most recent Regulated activities content

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