The Insurance Market

Question 1

How many groups is the insurance market made up of?

Answer 1

3

Question 2

Buyers

Answer 2

These are the customer

Question 3

Intermediaries

Answer 3

Brokers agents or advisors

Question 4

Sellers

Answer 4

Insurance companies like QBE

Question 5

Who regulates the insurance market?

Answer 5

FCA - financial conduct authority

PRA- the prudential regulation authority

Question 6

FCA

Answer 6

Financial conduct authority

Question 7

PRA

Answer 7

The prudential regulation authority

Question 8

When was the FSA replaced?

Answer 8

2013

Question 9

What is the meaning behind PRA?

Answer 9

Part of the Bank of England which promotes the safety and soundness of insurers and the protection of policy holders

Question 10

What is the meaning behind FCA?

Answer 10

Regulates how these firms behave, as well as more broadly the integrity of the UKs financial markets

Question 11

Insurance act 2015

Answer 11

Came into effect on 12th August 2016, makes important changes to the relationship with the insurer.

Includes when the insurer is allowed to reject a claim. Designed to make insurance clearer and fairer