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LM1 > Chapter 7: Regulatory processes, systems and controls > Flashcards

Chapter 7: Regulatory processes, systems and controls Flashcards

1
Q

Regulators of the UK market

A

Financial Conduct Authority and Prudential Regulation Authority

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2
Q

Who do members receive regulation updates from (3 main associations)

A

Lloyd’s have own department for government relations for information gathering/sharing

LMA, IUA, LIIBA all send information to members

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3
Q

Data evidence for regulators

A
  • Regulators require data evidence to show compliance
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4
Q

Solvency

A

Balance between assets and liabilities

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5
Q

Solvency II

A

EU’s europe-wide solvency rules

  • Since leaving EU, UK agreed to recognise each others standards
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6
Q

Who can a government sanction

A

Governments can ban all parties (govs, business, individuals) from trading with other parties

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7
Q

Fundamental reasons sanctions are imposed

A

Political pressure

Enforce concept of respect for democracy

Enforce the concept of respect for human rights

Maintain/restore peace in country/region

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8
Q

Types of financial sanctions

A
  • Prohibiting the transfer of funds to a sanctioned country
  • Freezing assets of a company/individual
  • Freezing assets of a whole gov
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9
Q

Office of financial sanctions implementation (OFSI)

A
  • Responsible for the implementation and administration of international financial sanctions in effect in the uk
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10
Q

Lifted regimes

A
  • Countries who have had their sanctions lifted
  • Libya, Haiti and angola
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11
Q

US Government sanctions

A

Due to close links between LM and US we must abide by their sanctions

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12
Q

Cuban sanctions

A

All US citizens/permanent residents where they are located, all people and organisations physically in the US as well as subsidiaries of US companies outside the US (any LM insurer with US parent) cannot trade

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13
Q

Office of Foreign asset Control (OFAC)

A

Manages US sanctions

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14
Q

How do insurers find out about sanctions

A

HM treasury
US Department of the Treasury
OFAC
Lloyd’s crystal

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15
Q

Data Protection Act 2018 (DPA)

A
  • Coincided with GDPR (General data protection regulation) and LED (law enforcement directive)
  • Modernised UK data protection
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16
Q

Main elements of the DPA

A
  • General data processing
  • Regulation and enforcement
  • Post-brexit UK GDPR
17
Q

DPA: General Data Processing

A
  • Implement GDPR standards
  • Clarified definitions
  • Ensure confidentiality is maintained in health/safeguarding situations
  • Provide appropriate restrictions to rights to access/delete data
  • Set parental consent for online data processing to 13
18
Q

DPA: Information Commissioner powers

A
  • Improved during the DPA
  • Able to levy higher admin fines
  • Commissioner can bring criminal proceedings for offences where a processor alters the record to prevent disclosure following a SAR
19
Q

Subject Access Request (SAR)

A

Request made by or on behalf of an individual for the information they are entitle to under GDPR

  • Individuals have a right to know
  • Verbal or Written
  • One month to respond generally
  • Complain to company then to Information Commissioners office
  • First couple requests should be free
20
Q

Post-Brexit UK GDPR

A
  • Sits alongside DPA 2018
  • Applies to controllers and processors in the EU
  • GDPR places new legal obligations
  • Applies to both automated personal data and manual filing systems where data is accessible
21
Q

Sensitive personal data categories

A
  • Race
  • Ethnic Origin
  • Politics
  • Trade Union Membership
  • Genetics
  • Biometrics
  • Health
  • Sex life
  • Sexual orientation
22
Q

GDPR Data protection principles

A
  1. Lawful, Fairness and transparency
  2. Purpose limitation
  3. Data minimalisation
  4. Accuracy
  5. Storage limitation
  6. Integrity and confidentiality
23
Q

Consent under GDPR

A
  • Must be given freely and specified
  • Must also be separate from other T+Cs
  • Firms may have their own lawful basis but consent must follow same rules
24
Q

GDPR rights

A

Right to be informed
Right to Access
Right to Rectification
Right to erasure
Right to restrict processing
Right to data portability
Right to object
Right in relation to automated decision making/profiling

25
Q

Accountability and governance post 2018

A
  • More significant under GDPR
  • Expected to have extensive governance measures
  • Privacy impact assessments are legally required
26
Q

Breach notification

A

Orgs must report certain types of data breaches to relevant supervisory authority and to individuals affected.

27
Q

Bribery Act 2010

A
  • Bribing another person
  • Receiving a bribe
  • Bribing a foreign official
  • Corporate offence of failing to prevent bribery
28
Q

Foreign and Corrupt practices Act 1977 (US)

A
  • Prohibits bribery of foreign government/political officials
29
Q
A

LM1 (9 decks)

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