The Insurance Market

Question 1

What are the three main “players” on The Insurance Market?

Answer 1

BUYERS - General public, individuals, business entities, and organizations

SELLERS - Insurance brokers, financial advisors, and insurance agents

INTERMEDIARIES - Insurance companies, Lloyd’s underwriting members and Reinsurers

Question 2

What is stated in section 16 (1) of the Financial Services Act 2013?

Answer 2

“a licensed insurer other than a licensed professional reinsurer shall not carry on both life business and general business”