UK regulators unleash new insurer start-up unit
According to the Bank of England, any firm that wants to be an insurer (which includes the activities of effecting contracts of insurance or carrying out contracts of insurance) must be authorised to do this by the PRA.
The PRA will only agree to authorise a firm if the FCA is also content for it to be authorised.
The regulators offer a guide to becoming an insurer in the UK – from the pre-application phase to life after authorisation:
The NISU is designed to improve the authorisation process for prospective new insurers in the UK. The regulators also want feedback so they can improve it along the way.
They are also interested to hear views on “perceived barriers to entry in the insurance industry and possible measures to address them”.
You can get more information and access to the NISU guides here.
This insurance initiative follows their New Bank Start-up Unit. Same idea just a different name.