Chapter 9 IF1

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Identify six types of insurance that are compulsory in the U.K.
Employers liability, Motor third party, Solicitors professional indemnity, Horse Riding Public Liability, Dangerous Animals/Dogs Public Liability, Insurance brokers professional indemnity
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Which Act applies to contracts and notices between consumer and seller. Terms are only binding on consumer if they are "fair"
Consumer Rights Act (2015)
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Which Act gives an injured party the right to claim directly against the liability insurer of the party who injured them. If the party is insolvent.
Third Parties (Rights Against Insurers) Act 2010
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Which Act implemented EU Gender directive. Insurers can not charge a higher premium based on gender.
Equality Act 2010
4 of 28
Which Act allows parties to a contract to override privity of contract and allow a third party to enforce the contract if it expressly provides benefit to that third party.
Contracts (Rights Of Third Parties) Act 1999
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Which Act states that insurer may be liable to pay interest on claims if they have not paid claims within a reasonable time?
Enterprise Act 2016
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Identify three insurance policy terms that may be under Consumer Rights act grey list and be deemed unfair.
Term that hinders consumer's right to take legal action, Term that allows a seller to change terms unilaterally, Term that applies disproportionately high cancellation charges
7 of 28
What is the current rate of Insurance Premium Tax on policies other than Travel insurance?
12%
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What is the current rate of Insurance Premium Tax on Travel insurance?
20%
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Which regulator is the prime regulator for insurers
Prudential Regulation Authority
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Which regulator regulates insurance intermediaries
Prudential Regulation Authority
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What are the PRA's objectives
promote safety and soundness of UK financial system, contribute to ensuring the insurance policyholders PRA's
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Who is the lead regulator of the Lloyd's of London
PRA
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Who regulates managing agents
PRA and FCA
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Who regulates Lloyd's brokers and members agents
FCA
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What is the FCA's strategic objective?
To protect and enhance confidence in the U.K. financial system.
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What are the FCA's three operational objectives
Consumer protection, Integrity,Competition
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Which regulated fim risk category is most risky so firms get more intense supervision
Category 1
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Which regulated firm risk category is least risky an includes most insurance brokers
Category 4
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What are the three elements of the FCA's risk framework?
Firm systematic framework, Event driven work,Issues and products
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How often do low risk small firms have a "touch point" with the FCA
Light touch of regulation compared to larger firms
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Identify three areas where the FCA focus on:
Consumer protection, integrity, competition
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Which Act encourages "whistle blowing" by reducing employers ability to punish whistle blowers?
Public Disclosure Act 1998 (PIDA)
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What are Threshold Conditions?
The minimum requirements that firms must meet in order to be permitted to carry on regulated activities
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What are the examples of Principles in Businesses (PRIN)
Integrity, skill/care & diligence, management/control, financial prudence, market conduct, customers interests, communications with clients, conflicts of interest, customers relationships of trust, clients assets, relationship with regulators
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What is the solvency margin
The amount a companies assets must exceed its liabillities
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What is the Insurance: Code of Business Sourcebook (ICOBS)
A rulebook that applies specifically to the sale and administrative process for general insurance. Contains rules concerning financial promotions, record-keeping and E-commerce
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What are the three stages of money laundering
Placement, layering, integration
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Other cards in this set

Card 2

Front

Which Act applies to contracts and notices between consumer and seller. Terms are only binding on consumer if they are "fair"

Back

Consumer Rights Act (2015)

Card 3

Front

Which Act gives an injured party the right to claim directly against the liability insurer of the party who injured them. If the party is insolvent.

Back

Preview of the front of card 3

Card 4

Front

Which Act implemented EU Gender directive. Insurers can not charge a higher premium based on gender.

Back

Preview of the front of card 4

Card 5

Front

Which Act allows parties to a contract to override privity of contract and allow a third party to enforce the contract if it expressly provides benefit to that third party.

Back

Preview of the front of card 5
View more cards

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