Chapter 7 Flashcards
what might code attached to a lloyds premium tell you
location of the broker
location of the risk
premium tax or other tax payable
whether the business is direct or reinsurance
what is solvency
balance between assets and liabilities
what is solvency 2
name given to EU solvency laws
aims of solvency 2
better integration
deeper integration of EU insurance market
enhanced policyholder protection
improved competitiveness
what is a sanction
a ban
why are sanctions imposed
political pressure
to enforce the concept of respect for democracy
to enforce the concept of respect for human rights
to maintain/ restore peace
what might financial sanctions be
freezing assets
stopped transfers to a banned country
what do you need a license for under “export controls”
movement of arms or military goods between overseas
involvement of any UK person insuring those goods
whats in category A license
gallows, guillotines, electric chairs
whats in category B license
rocket launchers, hand grenades
whats in category C license
pepper spray, anything not in category A and B
what do you need to do for category A goods
require a license to insure
what do you need to do for category B goods
require a license if obtained for a journey to an embargoed country
who does GDPR apply to
controllers and processors
what information does GDPR apply to
personal data
max fine for GDPR issue
20 mill euros or 4% of global revenue ( which ever is highest)
what does someone need to submit to get all of their personal info from a company
DSAR (Data subject access request), the company has 1-2 months to respond
3 stages of money laundering
placement, layering, integration
four offences in the bribery act
bribing another
being bribed
bribing a foreign public official
failure to prevent bribery
what is the name of the lloyds system that stores info about sanctions
crystal
who regulates GDPR
information comissioner
