United Kingdom (UK) Insurance Industry – Governance, Risk and Compliance

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United Kingdom (UK) Insurance Industry Regulation Overview

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) regulate the UK insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the European Insurance and Occupational Pensions Authority (EIOPA).

The UK insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·        Prudential Regulation Authority (PRA)

·        Financial Conduct Authority (FCA)

·        International Association of Insurance Supervisors (IAIS)

·        European Insurance and Occupational Pensions Authority (EIOPA)

Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Aviation Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

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UK Insurance Industry – Key Regulators and Legislation

Prudential Regulation Authority (PRA): The PRA, a part of the Bank of England, is responsible for the prudential regulation and supervision of insurance companies, banks, credit unions, building societies, and major investment firms in the UK. The two statutory objectives of PRA are to promote the safety and soundness of the firms that it regulates and to ensure the protection of policyholders.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The laws regulating the UK insurance industry are:

  • The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
  • The Insurance Act 2015

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UK Insurance Industry - Compulsory Insurance

A few of the compulsory insurances required within the UK insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurance in the UK

Compulsory Insurance in the UK

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UK Insurance Industry - Company Registration and Operation

License is mandatory to operate an insurance business in the UK. An insurer will be authorized to conduct activities only if it is approved by both PRA and FCA. Reinsurers also require a license to operate in the UK. However, this does not apply to reinsurers from other Member States of the EEA. Intermediaries need to obtain authorization from the regulators to conduct intermediary activities in the country.

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UK Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in the UK. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: In the UK, a company is considered a resident if it is incorporated in the country or it manages and controls its business operations from the country. According to the existing tax legislation in the country, differential tax rates are levied on companies based on their level of income and place of residence. A resident company is taxed on its global income, whereas a non-resident company is taxed on its profits generated from UK sources. Corporate income tax in the UK is charged depending upon the profits earned by the company.

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This report provides:

  • Details of the insurance regulatory framework in the UK.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
  • Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

Key Highlights

  • Two new regulatory bodies, PRA and FCA, replaced the FSA on April 1, 2013.
  • Solvency II came into force in the UK on January 1, 2016, and introduced new risk management standards for insurers.
  • Non-admitted insurance is not allowed in the UK. However, insurance companies from other EEA Member States are permitted to operate in the country and are exempted from authorization.
  • Employer’s liability and motor third-party liability insurance are the key compulsory classes of insurance.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in the UK.
  • Track the latest regulatory changes and expected changes impacting the UK insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices about various types of insurance products.

Table of Contents


    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us


UK – Benefits Under National Insurance Scheme

The UK – Industrial Injuries Disability Benefits Level

The UK – Payment of Constant Attendance Allowance

UK – Corporate Tax Rates for the Financial Year 2023

UK – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft


List of Figures

Figure 1: UK – Insurance Supervision and Control at Various Levels

Figure 2: UK – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

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