Demands and needs statement definition

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Insurance mediation activities—regulatory requirements [Archived]

This Practice Note has been archived and is not maintained. It relates to the insurance mediation regime applying to law firms before 1 October 2018. For the regime applying from 1 October 2018, see Practice Note: Insurance distribution activities—law firms, Insurance distribution checklist—law firms and Precedent: Letter recommending insurance–demands and needs—law firms.What is insurance mediation?Insurance mediation activities are defined as any of the following activities specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (Regulated Activities Order 2001), SI 2001/544 that are carried on in relation to a contract of insurance:•dealing in investments as agent•arranging (bringing about) deals in investments•making arrangements with a view to transactions in investments•assisting in the administration and performance of a contract of insurance•advising on investments•agreeing to carry on a regulated activity in the aboveThe table below sets out the sort of activities in which firms tend to engage regarding defective title and costs insurance, and explains whether each activity constitutes an insurance mediation activity:ActivityIs this an insurance mediation activity?Firm issues a...

Environmental insurance—when is it needed?

Environmental insurance—when is it needed? What is environmental insurance? Environmental insurance is a risk transfer solution to indemnify the insured against losses arising as a result of potential environmental liabilities. The insured for property based coverage can be the buyer or seller of a property, or often both. A separate environmental insurance policy is often required because public liability insurance typically excludes environmental liabilities with the exception of sudden, unintended and unexpected pollution incidents. In addition, public liability insurance will only provide cover for third party damages, and not for the remediation of the property of the insured. Insurance policies are available to provide cover for a variety of potential losses arising from environmental liabilities including: • on-site remediation • off-site remediation • civil disputes, and • legal expenses Role of insurance Obtaining insurance may enable transactions or developments to proceed where there are environmental risks and liabilities as it provides financial security and removes uncertainty. It places the...

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Letter recommending insurance—demands and needs—law firms

Letter recommending insurance—demands and needs—law firms   We have reached a stage in your matter where we believe it would be in your best interests to buy [insert type of insurance]. We have suggested you buy the insurance from [state name of insurance provider to whom you have introduced the client for insurance or who has given you delegated authority to issue a policy]. This is something we have already discussed and you have agreed that we will [state what you will do to arrange the insurance, eg complete and submit a proposal form on your behalf or issue the policy under delegated authority]. You have consented to us disclosing relevant personal data and information to [state name of insurance provider] for this purpose. Fees, charges and commission Insurance premium The [insert type of insurance] insurance policy costs £[insert amount or where it is not possible to give a specific amount, the basis for the calculation of the premium]. This is called the 'insurance premium'. [Explain what you...

Letter to client confirming introduction to separate business

Letter to client confirming introduction to separate business [We have reached a stage in your matter where OR Now that we have concluded your matter], we believe it would be in your best interests to [state what you wish to introduce the client for]. Relationship with [name of separate business] [State precise relationship between the firm and separate business, eg The partners in this firm own 50% of the shares in [name of separate business]]. [Name of separate business] is, however, an entirely separate business to this firm[, even though:] • [we share the same or similar name, branding, or staff • our premises are shared with or close to [name of separate business] • we have shared or linked or websites and contact details • we will conduct joint publicity with [name of separate business]] It is important that you understand: • we are not instructing [name of separate business] on your behalf—we are simply referring you to [name of separate business] and you will instruct...

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The SRA’s plans for implementing the Insurance Distribution Directive

Practice Compliance analysis: The SRA is consulting on its plans for implementing the Insurance Distribution Directive (IDD), which will replace the current insurance mediation regime from 23 February 2018. The changes require the SRA to amend the SRA Financial Services (Scope) Rules 2001 and the SRA Financial Services (Conduct of Business) Rules 2001 and will have implications for firms carrying on insurance mediation activities.