Blog: Regulation and non-domiciled insurers
Nick Garner, of Financial and Legal Insurance, examines the FCA guidance on due diligence and argues that non-UK domiciled providers are not monitored with the rigour they should be.
The past few months have seen some high profile insurance figures taking to their soapboxes and pouring forth on the perils of unrated insurers, including the inevitable call for regulators to take action.
Ashwin Mistry demanded that the ‘regulator steps in and police unrated markets,’ and called for brokers who use unrated insurers to pay higher fees. Charles Manchester of MGA Manchester Underwriting urged regulators post-Brexit to “‘retain the right to say no to companies wishing to trade in
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