The Insurance Market Flashcards
How many groups is the insurance market made up of?
3
Buyers
These are the customer
Intermediaries
Brokers agents or advisors
Sellers
Insurance companies like QBE
Who regulates the insurance market?
FCA - financial conduct authority
PRA- the prudential regulation authority
FCA
Financial conduct authority
PRA
The prudential regulation authority
When was the FSA replaced?
2013
What is the meaning behind PRA?
Part of the Bank of England which promotes the safety and soundness of insurers and the protection of policy holders
What is the meaning behind FCA?
Regulates how these firms behave, as well as more broadly the integrity of the UKs financial markets
Insurance act 2015
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