The Pinsent Masons guide to insurance distribution : law and regulation

The Pinsent Masons Guide to Insurance Distribution is a practical guide containing authoritative information and advice on the main issues facing insurance companies, their partners and in-house lawyers when creating partnering distribution agreements. The Guide deals with all aspects of the distribution of insurance through third party providers, the responsibilities and liabilities within the context of current law, and good practice. Written by leading experts and fully supported by research findings, it also contains practical examples from partnering companies of varying size and sector. Copyright......Page 5 Table of contents......Page 6 Foreword to the second edition......Page 9 Preface......Page 11 Acknowledgements......Page 12 List of abbreviations......Page 13 Effect of ICT......Page 16 Statutory regulation......Page 17 Key trends......Page 18 The key questions......Page 20 The background......Page 24 The structure of FSA regulation......Page 26 What is behind the rules?......Page 36 What are the FSA Principles?......Page 37 What is the relationship between the principles and FSA rules?......Page 38 What are the conditions for FSA authorisation?......Page 39 What does the handbook say about governance?......Page 40 Controlled functions......Page 41 The effect of the regime......Page 42 What are the general rules for employees?......Page 43 4. Insurance Conduct of Business Sourcebook(ICOBS)......Page 46 Why were the ICOB rules revised?......Page 47 What happens when products cross categories?......Page 48 General matters (ICOBS 2)......Page 49 Distance communications (ICOBS 3)......Page 51 Information about the firm, its services and remuneration (ICOBS 4)......Page 54 Advising the client (ICOBS 5)......Page 57 Product disclosure (ICOBS 6)......Page 58 Cancellation (ICOBS 7)......Page 61 Claims handling (ICOBS 8)......Page 63 Who is in the market?......Page 66 What is in it for insurers?......Page 67 What exclusions are available to secondary intermediaries?......Page 68 Exemptions......Page 74 What is insurance?......Page 80 What happens in borderline cases?......Page 83 How is agency defined?......Page 88 What are the agent’s rights and obligations?......Page 89 What must agency agreements cover?......Page 94 Pricing insurance products......Page 100 Receiving and refunding premiums......Page 103 Paying intermediaries......Page 105 What are the rules?......Page 112 What do the rules mean?......Page 114 What are the current trends?......Page 124 How has outsourcing developed in the insurance business?......Page 125 What are the regulatory and legal implications of insurance outsourcing?......Page 127 How should outsourcing contracts be drawn up?......Page 130 Online selling and servicing......Page 138 How can insurers manage the risks of e-commerce?......Page 141 Use of personal data......Page 145 What are the rules?......Page 154 Do the rules apply to all agreements?......Page 155 How do the rules affect different types of distribution agreements?......Page 158 Mergers and acquisitions......Page 164 How do we ensure compliance?......Page 165 Employment law: TUPE......Page 170 Part VII insurance business transfers......Page 179 Block transfer on renewal......Page 185 Index......Page 188 A key industry text containing authoritative information and advice on the main issues facing insurance companies, their partners and in-house lawyers when creating partnering distribution agreements - those detailed arrangements between insurers and the parties who can sell and distribute insurance policies on the insurers' behalf. Readable and accessible in style, it deals with all aspects of the distribution of insurance through third party providers, the responsibilities and liabilities within the context of current law, and good practice. Written by leading experts and fully supported by research findings, it also contains practical examples from partnering companies of varying size and sector Introduction Regulatory framework for the insurance market Obligations of a regulated firm Insurance conduct of business rules sourcebook (ICOBS)] The secondary insurance market Inadvertent breaches of the law Insurance and agency law Pricing and remuneration Funds held by intermediaries Outsourcing Use of technology Insurance and competition law Transfer of insurance business. The Pinsent Masons Guide to Insurance Distribution provides a complete review and assessment of the legal and regulatory frameworks within which insurance distribution schemes can operate, and forms an essential reference source for insurers and distributors alike.