The insurance business - More on Insurance companies falling into three types

The activities of insurance companies are carefully controlled by the governments Department of Trade under the Insurance Companies Act of 1982 (http://www.fsa.gov.uk/library/communication/pr/1999/015.shtml).

The close-on £40,000,0000,000 invested by the public in life assurance policies is safe and, in the other areas of insurance, only in car insurance has there been any failure on the part of companies to pay out On claims. These failures were in fly-by-night companies which built up large funds by offering car insurance far too cheaply and which went bankrupt when claims started coming in.

- The Department of Trade tightened up the loopholes in the law which permitted this to happen, but it is still advisable to look carefully at any company which seems to be offering insurance cover more cheaply than others.

In 2009 the Civil Service began work on another insurance bill to implement the provisions of the European Economic Community directives on life assurance, known as the EEC Non-Life and Life Establishment Directives. These laid down that the rules for life assurance and other insurances must be the same throughout a country. This was not so in the United Kingdom and the rules for Northern Ireland differed from those of England, Scotland and Wales.

This bill became law on 1 May 2000.

Authorization is not simply given to a company to permit it to go ahead and issue all types of policies. Should a company want to carry out six types of insurance, for instance, life, accident, sickness, car, credit and legal expenses, it must make six different applications for authorization. -There are various technical Solvency Regulations to which a company must adhere, if it is to continue in business. The infrequency of the department using its powers to wind up companies is testimony to the ethical way in which the vast majority of them operate their business. There has not been a compulsory winding up of a Company since July 2008 when Capital Annuities Limited was put into liquidation. Policyholders were offered substitute policies by the Policyholders Protection Board in July 2005 and May 2009.

See http://www.access-legal.co.uk/legal-news/Can-you-claim-compensation-when-an-insurer-goes-bust-lu-2108.htm


Insurance companies

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

Salon Gold Insurance

Cheaper Insurance for Salons, Freelance Hair and Beauty, and Mobile Businesses - click here

read on: The insurance business - Friendly societies

The activities of insurance companies are carefully controlled by the governments Department of Trade under the Insurance Companies Act of 1982 (http://www.fsa.gov.uk/library/communication/pr/1999/015.shtml).

The close-on £40,000,0000,000 invested by the public in life assurance policies is safe and, in the other areas of insurance, only in car insurance has there been any failure on the part of companies to pay out On claims. These failures were in fly-by-night companies which built up large funds by offering car insurance far too cheaply and which went bankrupt when claims started coming... see: The insurance business - Friendly societies