The Insurance Market Flashcards

1
Q

How many groups is the insurance market made up of?

A

3

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2
Q

Buyers

A

These are the customer

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3
Q

Intermediaries

A

Brokers agents or advisors

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4
Q

Sellers

A

Insurance companies like QBE

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5
Q

Who regulates the insurance market?

A

FCA - financial conduct authority

PRA- the prudential regulation authority

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6
Q

FCA

A

Financial conduct authority

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7
Q

PRA

A

The prudential regulation authority

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8
Q

When was the FSA replaced?

A

2013

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9
Q

What is the meaning behind PRA?

A

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

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10
Q

What is the meaning behind FCA?

A

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

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11
Q

Insurance act 2015

A

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

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