By Pinsent Masons
ISBN-10: 0749455454
ISBN-13: 9780749455453
But Federal law has been driven to the leading edge by means of the present financial meltdown. because the contemporary close to failure of assurance titanic AIG in September 2008, there have been demands the U.S. to embody federal legislation of the assurance as early as 2009. it truly is during this context that The Pinsent Masons Guide to coverage Distribution can function an invaluable reference book.
Written by way of experts at Pinsent Masons, a advertisement legislations enterprise focusing on assurance, this advisor outlines British regulatory legislations masking insurance firms growing partnering distribution agreements - these distinct preparations among insurers and the events who can promote and distribute policies at the insurers' behalf. Readable and obtainable, it offers with all elements of the distribution of coverage via 3rd occasion prone, the duties and liabilities in the context of present legislation, and strong practice.
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Additional info for The Pinsent Masons Guide to Insurance Distribution: Law and Regulation
Example text
The fitness test An approved person is a person fit and proper to perform the controlled function. 1. The fitness test centres on: ឣ ឣ ឣ honesty, integrity and reputation; competence and capability; financial soundness. The effect of the regime The approved persons regime means that the system for the authorisation and/or registration of firms is extended to individuals. It exposes the approved person personally to the rigours of FSA discipline, including fines, censure and the withdrawal of approval to act in a controlled function.
16 PINSENT MASONS GUIDE TO INSURANCE DISTRIBUTION _______________ An example of what the FSA would consider remuneration is where, instead of a fee or commission, a person receives a discount on their own premiums. Conversely, examples of when the business test is unlikely to be satisfied include where: ឣ ឣ ឣ a person makes arrangements for members of their family; employers provide insurance benefits for staff; affinity groups or clubs set up insurance benefits for members. In each case, there must be no direct financial benefit to the arranger.
What is the rule for renewals? Invitations to renew policies, recommendations to renew existing cover and the subsequent effecting of the renewal are likely to be classed as regulated insurance mediation activities. This may be true even in the case of ‘tacit renewals’ – ie where a policyholder need take no action to maintain the cover. When do exceptions apply? The ‘by way of business’ test For something to constitute a regulated activity it has to be carried on ‘by way of business’. The test of what is ‘by way of business’ is set out in FSMA (Carrying on Regulated Activities by Way of Business) Order 2001 SI 2001/1177.