Context
The FCA has published a Q&A document which seeks to provide answers to the questions which remained unanswered following the webinars hosted in November 2020 relating to the ‘General Insurance pricing practices market study’ Consultation Paper (CP20/19).
Key points to note
- The Q&A document can be found here: https://www.fca.org.uk/publication/corporate/gi-pricing-q-and-a.pdf
- The FCA is publishing the document to assist firms to understand the intention behind the draft rules and to assist with consultation responses.
- The document contains Q&A in the following areas:
- Pricing rules
- Scope of the rules
- Renewal pricing
- Discounts & incentives
- General
- Product governance rules
- General
- Fair value
- Add-ons and premium finance
- Auto-renewal rules
- Reporting rules
- High level questions
- Claims and claims ratio reporting
- Scope of products and firm reporting
- Pricing rules