External Environment

Question 1

The External Environment

Answer 1

Corporate Structure
Regulation and Legislation
Environmental Issues and Climate Change
Accounting Standards
Tax
Economic Outlook

Governance
Risk Management Requirements
Adequacy of Capital
New Business Environment
Demographic Trends

Lifestyle Considerations
Institutional Practice
State Benefits
Technology
Social and Cultural Trends

+ Competition and Underwriting Cycle

Question 2

Aims of A Regulator

Answer 2

Give Confidence in the System
Reduction in Crime
Inefficiencies in the Market Corrected
Protect Consumers

Also promotes efficient and orderly markets

Question 3

Functions of a Regulator

Answer 3

Setting up sanctions
Enforcing Regulations
Reviewing and Influencing Government Policy
Vetting and Registering Firms and Individuals
Investigating Breaches
Checking Management Conduct of Providers
Educating Consumers and the Public