When do intermediaries not need to be authorised
If EU passporting applies
How many limbs to Fit and Proper test
Do brokers have to complete Lloyd's accreditation process
What is the only Article for which there are applicable exclusions under FSMA
If insurer UW risk in different country, what must they ensure?
Licensed in accordance w/ local laws
What is a broker
A of insured w/ specialist knowledge
What is an excess
Sits under policy limit, paid by insured - if within excess, policy not triggered
327 FSMA states what exemption
No need for authorisation if work incidental
What is an 'authorised person' for FSMA?
Who regulates the intermediaries in Lloyd's?
What is the 'approved person' regime?
Approval by FCA to perform 1+ controlled functions on behalf of 'authorised person'
What is a regulated activity
Specified Activity and Specified Investment
Who are subject to compulsory J of Financial Ombudsman
Why are spent convictions under ROA still considered for Fit and Proper test
ROA (Exceptions) Order requires disclosure for certain positions
What is acceptance on subscription market
Scratching placing slip
What will the FCA consider if criminal record
Nature of crime - e.g. basis of theft is dishonesty
How many links in the Chain of Security?
What is considered for 'Competence' in Fit and Proper test
What is an insurance tower
Risk spread out in layers
What two entities regulate insurance Cs and Lloyd's entities
FCA + PRA
What is Solvency II
Aimed at consumer protection + enhancing competition through three pillars
What are the sanctions under 23 FSMA
Criminal - imprisonment and/or fine
What is the 'subscription market'?
Risk is shares between insurers, and premium pro-rated
Two biggest areas of Lloyd's
Property and casualty
Third limb to Fit and Proper test
What do brokers use for contract certainty on subscription market
Checklist to ensure satisfying Contract Certainty principles, and Market Reform Contract for standardised slip
What powers do Council of Lloyd's have for breach of its byelaws
Enforcements Ps and impose a range of sanctions (from fines to bans)
Three kinds of intermediaries at Lloyd's
Managing A, coverholders and brokers
What happens on subscription market if later insurer changes terms?
Only applicable to that insurer
How is there internal regulation at Lloyd's
Byelaws created by the Council of Lloyd's