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Mar 1, 2006 · Reinsurance intermediaries are now required to be licensed in most states. Penalties are imposed on unlicensed intermediaries. In some states, led by New York through its Regulation 98, reinsurance intermediaries must have written authorization from a reinsured before procuring reinsurance for the reinsured.
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 ...
A Q&A guide to insurance and reinsurance in the UK (England and Wales). 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 ...
Congress enacted the federal Risk Retention Act (RRA) in 1981. This federal law enabled product sellers to form RRGs to provide group self-insurance. RRGs are insurers licensed and fully regulated in one state pursuant to that state’s laws. In the mid-1980s, general liability insurance premiums skyrocketed, and certain lines were unavailable.
Such intermediaries have to be separately approved by Lloyd’s in addition to receiving any other intermediary authorisation required in the jurisdictions where they operate. Regulation of distribution in the UK is based on the EU’s Insurance Distribution Directive (Directive 2016/97/EU) (IDD), which replaced the Insurance Mediation Directive (Directive 2002/92/EU).
Nov 15, 2021 · 3. Individuals at reinsurance intermediary firms must be aware of their licensing and appointment obligations as well. Fortunately, most U.S. jurisdictions do not require the licensing of ...
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Do insurance intermediaries need to be regulated in the UK?
Mar 15, 2024 · England & Wales. ICLG - Insurance & Reinsurance Laws and Regulations - England & Wales Chapter covers common issues in insurance and reinsurance laws and regulations – including regulatory authorities and procedures, (re)insurance claims, litigation – overview, litigation – procedure and arbitration. Published: 15/03/2024.
