| Guvnor

Enforced by: FCA
Status: In Force
Penalty ceiling: Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm4

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 179 other Acts

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA 77 duties

Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance) 63 duties

Friendly Societies Act 1992 52 duties

Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance) 52 duties

The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001 50 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Insurance contracts: main definitions

0 of 1 section shown

1 other section in this Part — procedural and definitional

s.001 Insurance contracts: main definitions

Part 2

The duty of fair presentation

0 of 7 sections shown

7 other sections in this Part — procedural and definitional

s.002 Application and interpretation

s.003 The duty of fair presentation

s.004 Knowledge of insured

s.005 Knowledge of insurer

s.006 Knowledge: general

s.007 Supplementary

s.008 Remedies for breach

Part 3

Warranties and other terms

1 of 3 sections shown

s.011 Terms not relevant to the actual loss Regulated

Insurers cannot refuse claims based on irrelevant term breachesFinancial Services Firm

2 other sections in this Part — procedural and definitional

s.009 Warranties and representations

s.010 Breach of warranty

Part 4

Fraudulent claims

0 of 2 sections shown

2 other sections in this Part — procedural and definitional

s.012 Remedies for fraudulent claims

s.013 Remedies for fraudulent claims: group insurance

Part 4

Late payment of claims

1 of 1 section shown

s.013 Implied term about payment of claims Regulated

Pay insurance claims within a reasonable timeFinancial Services Firm

Part 5

Good faith and contracting out

1 of 6 sections shown

s.017 The transparency requirements Regulated

Highlight disadvantageous terms in insurance contractsFinancial Services Firm

5 other sections in this Part — procedural and definitional

s.014 Good faith

s.015 Contracting out: consumer insurance contracts

s.016 Contracting out: non-consumer insurance contracts

s.016 Contracting out of the implied term about payment of claims: consumer and non-consumer insurance contracts

s.018 Contracting out: group insurance contracts

Part 6

Amendment of the Third Parties (Rights against Insurers) Act 2010

0 of 2 sections shown

2 other sections in this Part — procedural and definitional

s.019 Power to change meaning of “relevant person” for purposes of 2010 Act

s.020 Other amendments

Part 7

General

0 of 3 sections shown

3 other sections in this Part — procedural and definitional

s.021 Provision consequential on Part 2

s.022 Application etc of Parts 2 to 5

s.023 Extent, commencement and short title

Schedules

1 of 20 shown

s.sch001 (1) This paragraph applies if— (a) a qualifying breach was... Regulated

Remedies for non‑reckless qualifying breaches in insurance variationsFinancial Services Firm

19 other schedules

s.001 Insurers' remedies for qualifying breaches

s.sch001 This Part of this Schedule applies to qualifying breaches of...

s.sch001 (1) This paragraph applies if— (a) a qualifying breach was...

s.sch001 (1) If this paragraph applies, the insurer may reduce proportionately...

s.sch001 Section 84 of the Marine Insurance Act 1906 (return of...

s.sch001 If a qualifying breach was deliberate or reckless, the insurer—...

s.sch001 Paragraphs 4 to 6 apply if a qualifying breach was...

s.sch001 If, in the absence of the qualifying breach, the insurer...

s.sch001 If the insurer would have entered into the contract, but...

s.sch001 (1) In addition, if the insurer would have entered into...

s.sch001 This Part of this Schedule applies to qualifying breaches of...

s.sch001 If a qualifying breach was deliberate or reckless, the insurer—...

s.sch002 Rights of third parties against insurers: relevant insured persons

s.sch002 The Third Parties (Rights against Insurers) Act 2010 is amended...

s.sch002 (1) Section 4 (relevant persons: individuals) is amended as follows....

s.sch002 (1) Section 6 (corporate bodies etc) is amended as follows....

s.sch002 In section 1(5)(b) (definition of “relevant person”), at the end...

s.sch002 (1) Schedule 3 (transitory, transitional and saving provision) is amended...

s.sch002 After section 19 insert— Interpretation (1) The references to enactments in sections 4 to 7,...

Help complying

Guvnor’s practical routes through this instrument.

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Dealing with a business insurance claim

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Set up an insurance or pension business

A step-by-step path for setting up a business that carries insurance risk or funds pensions — a general or life insurer, a …

Business interruption insurance

Business interruption insurance pays the gross profit you lose when an insured event such as a fire or flood stops you trading. …

Comparing business insurance policies

When comparing business insurance quotes, look beyond price at the cover limits, excesses, exclusions and policy basis, because the cheapest policy often …

Insurance Act 2015 compliance for businesses

Understanding your disclosure duties and rights when purchasing commercial insurance under the Insurance Act 2015.

Making a business insurance claim

After a loss, make the area safe, tell your insurer as soon as possible, ideally within 24 hours, and photograph the damage …

Review and renew your business insurance

Start reviewing your business insurance about 12 weeks before it expires. At every renewal you must make a fair presentation of the …

2 more guides that reference this instrument

Check your law firm's professional indemnity insurance before renewal Insurer conduct and accountability rules

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.