| Link(s): | General insurance value measures |
Context
The FCA has sent an e-mail to insurance firms to remind them about the REP019 General Insurance Value Measures Report, which is introduced as follows:
Submission for Reporting Period Ending 31/12/2021 Is Now Available for Submission
This email has been issued by RegData, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) data collection platform.
Return Due Date 28/02/2022 (for Period 01/01/2021 to 31/12/2021)
REP019-General Insurance – Value Measures Report
Key points to note
- As a result of new FCA rules relating to insurer ‘value measures reporting’ for most consumer insurance products, the FCA has added a new RegData return (REP019) to each firm’s reporting schedule.
- For the vast majority of insurance intermediaries, the REP019 report will be a simple ‘nil’ return, because it is only relevant to an intermediary where that intermediary:
- is distributing a product line that is underwritten by a non-admitted insurer (broadly, an insurer that is not listed on the Financial Services Register); and
- has 3,000 or more policies in force for a particular consumer insurance product.
- Even then, there are other criteria which would need to be satisfied before a firm would need to submit any data.
- Additionally, you will need to be aware that only the RegData Principal User has access to the new REP019 report. Therefore, if a consultant (or another user within your firm) is to submit it for you, the Principal User will need to log in to RegData and grant permission for the consultant / other user to be able to access and submit the REP019.
Next actions
If you think you will have consumer business lines that are potentially reportable, please contact us for guidance. This new report must be submitted by 28th February 2022 to avoid FCA action (including a £250 admin fee) for a missed reporting deadline. Further information on the new reporting requirements can be read here, and in UKGI Bulletins 309 and 318 on our Compliance Manual.