Division 65
7,290 enterprises
These requirements apply to all business activities in this division.
Enforced by: HSE
Health and Safety at Work etc. Act 1974
General duty to protect employees and others affected by the business — offices, call centres and public-facing operations.
Enforced by: HSE
Employers' Liability (Compulsory Insurance) Act 1969
Required for any business employing at least one person.
Enforced by: ICO
Data Protection Act 2018; UK GDPR (retained EU law)
Must register with ICO. Underwriting, claims, medical-underwriting and pensions data is highly sensitive — enhanced security and breach-notification requirements. Subject access requests handled within one month. Key name shared with divisions 64/66.
Enforced by: EHRC
Equality Act 2010
No discrimination in employment or in the provision of services. Note the limited insurance exceptions in Schedule 3 Part 5 (assessment of risk by reference to relevant and reliable actuarial/statistical data); the gender pricing exception was removed following the Test-Achats ruling.
Enforced by: LOCAL_FIRE_AUTHORITY
Regulatory Reform (Fire Safety) Order 2005
Responsible person must carry out a fire risk assessment and maintain fire safety arrangements for the premises. Devolved variants: Fire (Scotland) Act 2005; Fire and Rescue Services (NI) Order 2006.
Enforced by: PRA
Financial Services and Markets Act 2000; Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013
General prohibition (s.19): criminal offence to carry on a regulated activity without authorisation — up to 2 years imprisonment and/or an unlimited fine (s.23). 'Effecting' and 'carrying out' contracts of insurance (articles 10-12 RAO) are PRA-regulated activities (FSMA (PRA-regulated Activities) Order 2013). Insurers are dual-regulated: PRA for prudential soundness, FCA for conduct. Key name shared with division 64.
Enforced by: FCA
Financial Services and Markets Act 2000; Financial Services Act 2012
Insurers operate the dual-regulated insurance SM&CR. Senior managers (PRA-designated and FCA-designated SMFs, e.g. Chief Actuary, Chief Underwriting Officer, With-Profits Actuary) require regulatory approval. Certification staff assessed annually for fitness and propriety. Conduct rules (COCON) apply to almost all employees. Key name shared with divisions 64/66.
Enforced by: FCA
Financial Services and Markets Act 2000; Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; Financial Services and Markets Act 2023
Restriction on financial promotions: communications inviting investment/insurance activity must be made or approved by an FCA-authorised person or fall within an exemption. FSMA 2023 introduced the FCA s.21 approver gateway. Key name shared with divisions 64/66.
Enforced by: FCA
Financial Services and Markets Act 2000
Written complaints procedure; acknowledge within 5 business days, resolve within 8 weeks. Unresolved complaints from eligible complainants may be referred to the Financial Ombudsman Service. Biannual complaints reporting to FCA. Key name shared with divisions 64/66.
Enforced by: FCA
Financial Services and Markets Act 2000
Effective 31 July 2023 (new/existing products), 31 July 2024 (closed products). Four outcomes: products and services, price and value, consumer understanding, consumer support. Annual board-level assessment. Insurers as product manufacturers must meet product oversight and governance (PROD) and fair-value requirements. Key name shared with divisions 64/66.
Enforced by: FCA
Financial Services and Markets Act 2000
FCA PS21/3 / PRA PS6/21: firms must identify important business services, set impact tolerances, and remain within tolerances. Ongoing self-assessment and third-party/outsourcing oversight required. Key name shared with divisions 64/66.
Enforced by: PRA
Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023; Financial Services and Markets Act 2000; Financial Services and Markets Act 2023
Insurers and reinsurers must hold capital to meet the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR), value assets/liabilities on the prescribed basis, and produce the ORSA. The UK regime (Solvency UK) reforms retained Solvency 2 — risk margin reduction and matching-adjustment changes under the Solvency 2 Regulations as amended via FSMA 2023 powers. Annual regulatory returns and a Solvency and Financial Condition Report (SFCR) to the PRA.
Enforced by: FCA
Financial Services and Markets Act 2000
Authorised insurers participate in the FSCS. Long-term (life/pensions) insurance protected at 100% with no upper limit; general insurance at 90% (100% for compulsory classes such as motor third-party and employers' liability). Funded by an annual levy on authorised firms. Key name shared with division 64.
Enforced by: FCA
Insurance Act 2015; Consumer Insurance (Disclosure and Representations) Act 2012
Insurance Act 2015 governs the insured's duty of fair presentation, proportionate remedies for non-disclosure/misrepresentation, warranties and fraudulent claims for non-consumer contracts; the Consumer Insurance (Disclosure and Representations) Act 2012 sets the consumer-policyholder regime. Underpins how insurers may decline or reduce claims.