Contract of insurance definition

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Complaints—law firms—checklist

Complaints—law firms—checklist This Checklist is designed to help you determine whether you have the systems in place to comply with regulatory requirements that apply to law firms in relation to complaints handling. It should be read in conjunction with subtopic: Complaints. Various changes to the regulatory requirements in relation to complaints are expected following publication of revised requirements on complaints handling by the LSB and the passing of the Digital Markets, Competition and Consumers Act 2024. For more information on what to expect, see Practice Note: Complaints—law firms—Future changes. Complaints procedures Requirement Compulsory or recommended Comments (if any) ☐ Establish and maintain, or participate in, a procedure for handling complaints.See Practice Note: Handling complaints—law firms and Precedent: Internal complaints handling procedure—law firms. Compulsory SRA Code for Solicitors, para 8.2SRA Code for Firms, para 7.1 (Insert any comments you may wish to make regarding your firm’s arrangements) ☐ Ensure complaints are dealt with promptly, fairly and free of charge.See Precedent: External complaints policy—law firms. Compulsory SRA Code for Solicitors, para 8.5SRA...

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Identifying a contract of insurance—flowchart

Identifying a contract of insurance—flowchart Purpose of the contract of insurance–flowchart The purpose of this flowchart is to assist in identifying whether particular arrangements constitutes a contract of

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Effecting and carrying out contracts of insurance

Background to the regulated activities of effecting and carrying out contracts of insuranceThe regulation of carrying on insurance business in the UK dates back to 1870 with the enactment of the Life Assurance Companies Act 1870 (which contained a requirement for any company engaged in life assurance business to make a deposit in court by way of security). A number of enhancements were made by successive pieces of legislation.The original UK system of regulation was rendered somewhat obsolete by the implementation of various pieces of EU legislation dating back to the early 1970s: there followed a directive governing life assurance. These directives included:•the First Non-Life Insurance Directive (Directive 73/239/EEC), which brought in a European Economic Community (EEC) system of solvency margins, as well as a procedure for insurers to follow if they fail to meet such requirements•the First Life Insurance Directive (Directive 79/267/EEC), which contained similar provisions to the first non-life insurance directive•the Second Non-Life Insurance Directive (Directive 88/357/EEC) which enhanced the first non-life insurance directive•the Second Life Insurance Directive...

General principles of insurance contract law

What is insurance law?Insurance law can be split into three parts:•insurance contract law which governs the contractual relationship between insureds and insurers•the law of intermediaries which regulates insurance business which is transacted through agents (this is true for most insurance business)•insurance company law which is concerned with the financial soundness, probity and regulation of insurance companiesThis Practice Note largely deals with insurance contract law. For more information on insurance regulation, see our ‘regulation of insurance’ subtopic, including Insurance & Reinsurance—regulatory framework—overview and Insurance & Reinsurance—Regulated activities—overview.Reform of the insurance sectorIn January 2006 the Law Commission and Scottish Law Commission (together the Law Commissions) started consulting on reforming insurance contract law. Following the consultation, the Law Commissions’ work was broken into three sub-projects:•consumer insurance law reform: pre-contract disclosure and misrepresentation•insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment•insurance contract law reform: insurable interestConsumer insurance law reform—pre-contract disclosure and misrepresentationAfter the 2006 consultation, there followed a series of statements and consultations and in December 2009 the...

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Settlement agreement (employment) (short form)

Settlement agreement (employment) (short form) This Agreement is made on [insert date] Parties 1 [Insert Employer’s name] whose registered office is at [insert Employer’s address], company registration number [insert Employer’s company number] (Employer); and 2 [Insert Employee’s name] of [insert Employee’s address] (you) the parties agree: 1 Termination of employment 1.1 Your employment with the Employer [will terminate OR terminated] by reason of [insert reason for termination] on [insert date] (Termination Date). 1.2 You [will be OR have been] paid your accrued basic salary (less deductions for income tax and primary class 1 (employee) National Insurance contributions (PAYE Deductions)) and [will have OR have] received your contractual benefits[, including a payment of £[insert amount] in respect of [insert number] days’ accrued but untaken holiday entitlement] [ [ and] including any relevant contributions to your personal pension scheme] (less PAYE Deductions) for the period up to and including the Termination Date via payroll in the normal way. 1.3 [Any sums due from you to the...

Letter recommending insurance—demands and needs—law firm acting for lender

Letter recommending insurance—demands and needs—law firm acting for lender Dear [insert name], [insert details of property and lender’s reference] We have reached a stage in your matter where we believe it would be in your best interests for [insert name of borrower] (the ‘Borrower’) to buy [insert type of insurance — eg defective title] in relation to [insert description of the property] (the ‘Property’). You will benefit from this policy as [describe how lender benefits—eg under the standard terms, as co-insured etc.]. This is something we have already discussed and you have agreed that the Borrower will arrange the insurance. The Borrower will buy the insurance from [state name of insurance provider] [and you have consented to us disclosing relevant personal data and information to them for this purpose]. [Name of firm acting for lender] is not involved with the arranging of the policy. [Name of firm] are acting for the Borrower (the ‘Borrower’s Solicitors’). Statements in this letter which refer to actions on the part of the Borrower’s...

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What is motor vehicle or road traffic accident insurance?

What is motor vehicle or road traffic accident insurance? In the UK, motor insurance is a mandatory insurance policy for any vehicle owner or driver unless the vehicle is declared as off the road. There are heavy penalties, both civil and criminal, for uninsured drivers (who are caught). The mandatory insurance regime is intended to protect the general public (including pedestrians and other non-vehicle users) against personal injury and damage caused in a road traffic accident. Types of motor insurance policies The motor insurance market is split into three main types of insurance: third-party only; third-party fire and theft; and comprehensive policies: • third-party only policies provide the minimum level of cover required by the law, namely the Road Traffic Act 1988 (RTA 1988). RTA 1988 mandates that motor insurance must at the very least cover the risk of death, personal injury or property damage to third parties caused by the insured vehicle • third-party fire and theft provides third-party cover as described above but in addition...

The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Financial Services and Markets Act 2000. There are some limited exemptions to this requirement, for example breakdown insurance which is covered by Article 12 of the Regulated Activities Order. (Q1) Whilst the provider of 'breakdown cover/insurance' could operate under an exemption from carrying out and effecting a contract of insurance (Article 12), would the product ('breakdown cover/insurance') be classified as an insurance product? If so, should the terms and conditions of the ''breakdown cover/insurance' contain FOS rights against the provider, FSCS details? (Q2) If the product is considered to be insurance, will an agent distributing this 'breakdown cover or insurance' be conducting insurance mediation activity and therefore should be appropriately authorised, or make use of the Art 12 exemption?

The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Financial Services and Markets Act 2000. There are some limited exemptions to this requirement, for example breakdown insurance which is covered by Article 12 of the Regulated Activities Order. (Q1) Whilst the provider of 'breakdown cover/insurance' could operate under an exemption from carrying out and effecting a contract of insurance (Article 12), would the product ('breakdown cover/insurance') be classified as an insurance product? If so, should the terms and conditions of the ''breakdown cover/insurance' contain FOS rights against the provider, FSCS details? (Q2) If the product is considered to be insurance, will an agent distributing this 'breakdown cover or insurance' be conducting insurance mediation activity and therefore should be appropriately authorised, or make use of the Art 12 exemption? You are correct that there is an exclusion for breakdown insurance under Article 12 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and it is...

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Insurance & Reinsurance weekly highlights—27 March 2025

This week's edition of Insurance & Reinsurance weekly highlights includes: Insurer MS Amlin to write €110m for Ukraine war facility; the cases of Doroudvash v Zurich Insurance Plc and another, and R&B Plastering Ltd v UK Insurance Ltd; Global M&A rebound drives insurance boom, UK broker says; Chubb settles £3m building defect claim with housing association; Insurers provide £14.9bn of cover with post-Grenfell programme; UK car insurance premiums drop 17% amid lower claims; Aviva pays out £1.9bn in protection claims in 2024; FCA announces 2025–2030 strategy focusing on growth and regulatory efficiency; FCA announces regulatory streamlining plans following Consumer Duty implementation; FCA launches pure protection insurance market study; FCA urged to act as insurance finance rates still high; key cases and dates for your diary; and other news highlights reported over the past week.

Insurance & Reinsurance weekly highlights—20 March 2025

This week's edition of Insurance & Reinsurance weekly highlights includes analyses of Liberty Mutual v Bath Racecourse and the Court of Appeal’s decision in Lonham Group Ltd v Scotbeef Ltd & another; Solicitor fined over disclosure failure with insurer; Aon can sue Howden in staff poaching case in England; UK insurance brokers could get tax refunds after court ruling; the UK government orders law shake-up to boost insurance mutuals; recent cases and decisions; key dates for your diary; and other news highlights reported over the past week.

View the latest UK Parliament Acts documents on Contract of insurance

Financial Services and Markets Act 2000 (2000 c 8)

Financial Services and Markets Act 20002000 CHAPTER 8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Part I . . .1 . . .. . .2 . . .. . .3 . . .[3A . . .]4 . . .5 . . .6 . . .[. . .][6A . . .]. . .7 . . .. . .8 . . .9 . . .10 . . .11 . . .. . .12 . . .13 . . .. . .14 . . .15 . . .16 . . .17 . . .18 . . .[Part 1A The Regulators][Chapter 1 The Financial Conduct Authority][The Financial Conduct Authority][1A The Financial Conduct Authority][The FCA's general duties][1B The FCA's general duties][1C The consumer protection objective][1D The integrity objective][1E The competition objective][Interpretation of terms used in relation to FCA's general duties][1F Meaning of “relevant markets” in strategic objective][1G Meaning of “consumer”][1H Further interpretative provisions for sections 1B to 1G][1I Meaning of “the UK financial system”][Modifications applying if core activity not regulated by PRA][1IA Modifications applying if core activity not regulated by PRA][Power to amend objectives][1J Power to amend objectives][Recommendations][1JA Recommendations by Treasury in...