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May 1, 2018 · “ (e) an insurance intermediary (as defined in Article 2.1(3) of the insurance distribution directive), an ancillary insurance intermediary (as defined in Article 2.1(4) of that directive) or a reinsurance intermediary (as defined in Article 2.1(5) of that directive), which is registered with its home state regulator under Article 3 of that directive; ”.
Jun 29, 2020 · Insurance intermediaries require authorisation from the FCA primarily, but if the intermediary is part of a group that includes a firm authorised by the PRA, then the FCA will also have to consult ...
Mar 1, 2006 · Essentially, the reinsurance intermediary is a go-between, whose function it is to bring together the reinsured and reinsurer to secure a contract of reinsurance on terms agreeable to both parties. The reinsurance intermediary often will assist the reinsured in planning and developing its reinsurance program, put together the reinsurance ...
Jun 23, 2021 · Reinsurance is a way a company lowers its risk or exposure to an untoward event. The idea is that no insurance company has too much exposure to a particular large event/disaster. If one company ...
The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; authorisation of insurers, reinsurers, and insurance intermediaries; ownership restrictions; ongoing requirements; penalties for non-compliance; sales and marketing of insurance and reinsurance services; regulation of the transfer of risk; the regulation of insurance and ...
1.1 This explanatory memorandum has been prepared by HM Treasury and is laid before Parliament by Command of His Majesty. 2. Purpose of the instrument. 2.1 The Financial Services and Markets Act 2023 (FSMA 2023) repeals retained EU law relating to financial services. This enables the government to deliver a Smarter Regulatory Framework for ...
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A reinsurance intermediary is a specialized broker that facilitates the transfer of risk between primary insurers and reinsurers. They play a crucial role in the reinsurance market by helping insurers find suitable reinsurance coverage and negotiating terms and pricing on their behalf. This intermediary function is essential as it bridges the gap between insurers seeking to manage their risk ...
