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You want to become an insurer?

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Being an insurer in the UK means undertaking regulated activities of ‘effecting’ (e.g. offering, pricing and negotiating insurance business, confirmation of cover and issuance of policies) and/or ‘carrying out’ (e.g. administration and claims handling in respect of existing contracts) contracts of insurance.

Any firm that wants to be an insurer must be authorised to undertake these activities by the Prudential Regulatory Authority (PRA) with consent from the Financial Conduct Authority (FCA). The PRA will become the company’s lead regulator, but the company will need to comply, on an ongoing basis, with the requirements of both the PRA and the FCA.

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