Delegated Authorities in the Insurance Market - Conduct Risk Issues Explored

Introduction

Today those in the insurance market are faced with a plethora of both regulators and regulations, often on a multijurisdictional basis whilst facing the same economic headwinds as the general populace such as high inflation.

Moreover, traditional business models are evolving e.g., in light of technological advances such as generative AI, and certain actors in the distribution chain undertaking expanded roles such as brokers.

This new virtual classroom seminar will explore 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 coverholders).

The session will consider:

• The types of conduct risks arising at present with some practical examples
• The applicable rules and regulations and the regulators to which those rules correspond
• Some commentary on risk mitigation

What You Will Learn

This live and interactive session will cover the following:

• Applicable rules and standards:
• In the FCA Handbook
• Policies
• The Lloyd’s Oversight Framework
• Conduct risks currently arising in the context of delegated authority in the insurance market including practical examples (including considering the impact of the consumer duty on the distribution chain)
• How conduct risks might crystallise
• Some suggestions for conduct risk mitigation

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.