Governance, Risk and Compliance - The UK Insurance Industry

 

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Pages: 89
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Abstract

 
Timetric's 'Governance, Risk and Compliance - The UK Insurance Industry' report is the result of extensive research into the insurance regulatory framework in UK.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
 

Description

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the UK, including:

o An overview of the insurance regulatory framework in the UK.

o The latest key changes, and changes expected in the country's insurance regulatory framework.

o Key regulations and market practices related to different types of insurance product in the country.

o Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the UK.

o Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

o Details of the tax and legal systems in the country.
 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-03-15 

Report: Governance, Risk and Compliance - The UK Insurance Industry

 

Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Regulatory Changes
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Employer's liability insurance
2.4.2 Motor third-party liability insurance
2.4.3 Merchant shipping compulsory insurance
2.4.4 National Insurance Scheme
2.4.5 Professional indemnity insurance
2.4.6 Air carriers and aircraft operators insurance
2.4.7 Clinical trials liability insurance
2.4.8 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Prudential Regulation Authority
2.5.4 Financial Conduct Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer
 

List of Tables

Table 1: Insurance Industry Definitions
Table 2: The UK - Insurance Regulatory Framework Key Features
Table 3: The UK - Life Insurance Regulatory Framework
Table 4: The UK - Property Insurance Regulatory Framework
Table 5: The UK - Motor Insurance Regulatory Framework
Table 6: The UK - Liability Insurance Regulatory Framework
Table 7: The UK - Benefits Under National Insurance Scheme
Table 8: The UK - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 9: The UK - Corporate Tax Rates for the Financial Year 2016
Table 10: The UK - VAT Rates in UK for Insurance Products
 

List of Figures

Figure 1: The UK - The Three Pillars of Solvency II
Figure 2: The UK - Insurance Supervision and Control at Various Levels
Figure 3: The UK - Insurance Regulatory Frameworks for Company Registration and Operation
 

Scope

o The report covers details of the insurance regulatory framework in the UK.

o The report contains details of the rules and regulations governing insurance products and entities.

o The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

o The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

o The report provides details of taxation imposed on insurance products and companies.

 

Highlights

o The FSA was replaced by two new regulatory bodies - PRA and FCA on April 1, 2013.

o Solvency II came into force in the UK from January 1, 2016, which introduced new risk management standards for insurers.

o The favorable foreign direct investment regime allows up to 100% foreign participation in the UK insurance industry.

o Non-admitted insurance is not allowed in the UK. However, insurance companies from other member states of the EEA are permitted to operate in the country and are exempted from authorization.

o Employer's liability and motor third-party liability insurance are the key compulsory classes of insurance.

 

Classification

Language Code: EN 
Region: United Kingdom 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 89 

Reasons to buy this report

o Gain insights into the insurance regulatory framework in the UK.

o Track the latest regulatory changes, and expected changes impacting the UK insurance industry.

o Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

o Understand key regulations and market practices pertaining to various types of insurance product.
 

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Governance, Risk and Compliance - The UK Insurance Industry

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Regional Information

Taxonomy

Branch ID: 1408

Taxonomy Location

The taxonomy on the left shows the ancestors of the United Kingdom node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

United Kingdom

The UK economy is the second largest in the eurozone. Almost every industrial sector is well established in the UK and those worth mentioning include Aerospace, Agriculture, Automotive, Business and professional services, Chemicals, Construction, Consumer goods, Defence equipment, Education, Electronics, Energy, Entertainment, Financial services, Food and beverages, Healthcare, Hospitality and leisure, Industrial equipment, Information technology, Media, Pharmaceuticals and biotechnology, Processed metals, Real estate, Retailing, Scientific equipment, Telecommunications, Tourism, Transportation and logistics, Utilities.

The UK is emerging from recession in the Eurozone with growth in manufacturing and construction. The National Institute for Economic and Social Research is predicting growth of 2.5% in 2014 and 2.1% in 2015. Some economists predict that growth could reach 3% if inflation is properly managed. Unemployment is expected to fall to 6.5 -7% in 2014. Interest rates will remain low and inflation should remain around 2%.

Growth in 2013 was helped by a boost in consumer spending but that will not continue without an increase in wages and a higher debt-to-income ratio in the future.

The manufacturing and construction sectors are still not as strong as they should be and further investments in these sectors is required. 

One of the issues that businesses in the UK are keen to address is productivity and many companies are holding off on hiring and pay increases until this issue is tackled. 

David Cameron is keen to push more 'reshoring' of jobs in the manufacturing sector and 2013 saw over 1,500 jobs return to the UK in the automobile, clothing, manufacturing and other industries. The provision of cheaper energy including nuclear and 'shale gas' is seen as paramount to increased job creation.

Other challenges in the British economy include an aging population, youth unemployment, an inflexible labour market and competing with the US on energy costs. The US has the advantage of shale gas which is three times cheaper than British gas.

In an effort to increase competitiveness the conservative government is investing £375billion in energy, transport, communications and water over the next 5 years. This will be matched by £25billion from the insurance industry. Taxes have been cut and welfare has undergone reform. There are generous tax incentives for investors in start-up companies. All these efforts should go a long way towards driving growth in the UK.

Researchandexperts.com is a  leading source of market research on the UK.

Useful Links

World Bank Overview of the United Kingdom

CIA World Factbook on UK

National Institute for Economic and Social Research (UK)

UK Trade and Investment

United Kingdom

British Islands

Region

 

Europe

Fifty six sovereign states are listed with territory in Europe (six have limited rocognition). The 50 soverign states of Europe are Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark,  Estonia,  Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, The Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City (Holy See).

The leading economies of Europe are Germany, France, UK, Italy and Russia.
 
Research and Experts, the market intelligence platform, provides companies with access to the latest leading industry reports covering the European region. Our company reports contain the following information; company overviews, key facts, key employees, products and services, as well as financial ratios. Our industry reports are vital sources of detailed historic and forecast values for markets in Europe, segmented at category level. Research and Experts reports also provide regional analysis and analysis of the leading companies in key European markets. 

Europe

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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