Delegated Authorities in the Insurance Market - Conduct Risks & Mitigation

Introduction

The FCA introduced its new consumer duty on 31 July 2023.

There is a degree of opacity to how that duty applies to various actors in the insurance distribution chain given how new it is.

Further, both businesses and consumers are faced with record high inflation, the cost-of-living crisis and geo-political tensions.

These circumstances give rise to a range of conduct risks in the context of delegated authorities in the UK insurance market.

This short webinar concentrates on the conduct risks faced by those insurers who outsource claims handling and/or underwriting to third parties (noting that those third parties with underwriting authority from Lloyd’s Managing Agents are called cover holders).

The focus of this webinar is the UK market albeit that it will briefly touch on how international matters can impact on conduct risk in this context.

The webinar will consider sources of law and policy concerning conduct risk for delegated authorities in the insurance market; conduct risks together with practical examples and some suggestions for risk mitigation techniques.

What You Will Learn

This webinar will cover the following:

• Where you can find key definitions, applicable rules and standards e.g. in the FCA Handbook, policies and the Lloyd’s Oversight Framework
• The conduct risks currently arising in the context of delegated authority in the insurance market including practical examples
• Some suggestions for conduct risk mitigation

This webinar was recorded on 17th January 2024