GIM1170 - The UK insurance market: regulation and supervision
The diversity of forms of insurer operating in the United Kingdom market reflects its historical development, the evolution of different forms of business organisation in the UK, and the development of the regulatory framework.
In the UK, insurers have in recent years been regulated and supervised by the DTI and HM Treasury, and now by the FSA.
The language of the regulatory framework has changed over the years. The Insurance Companies Act 1982 applied to authorised 바카라 사이트˜insurance companies바카라 사이트™. The statute which replaced it, the Financial Services and Markets Act 2000 (FSMA 2000), refers to 바카라 사이트˜authorised persons바카라 사이트™ who may carry on 바카라 사이트˜regulated activities바카라 사이트™, of which the effecting and carrying out of contracts of insurance is one.
Authorised persons are either those who have received permission under Part 4 FSMA 2000 from the FSA, or an EEA or Treaty firm which qualifies for permission under Schedules 3 or 4 to that Act. Schedule 3 sets out the 바카라 사이트˜passport rights바카라 사이트™, under which one EEA regulator can give authorisation covering firms operating throughout the EEA under Directive rules. Schedule 4 sets out 바카라 사이트˜treaty rights바카라 사이트™, which are similar to those under Schedule 3, but are granted on a case by case basis.
Authorised persons must also meet the FSA바카라 사이트™s 바카라 사이트˜threshold conditions바카라 사이트™, one of which for insurers is the person must be a body corporate, a registered friendly society or a member of Lloyd바카라 사이트™s.
More details on the regulatory framework are given in GIM3000+.