Non-admitted insurance contained by UK?
Is it possible to purchase insurance policies from non-admitted insurers in United Kingdom?
Please also advise on where on earth can I find the Insurance Act stating the above?
Answers:
I dont quite understand what you niggardly non admitted, but all insurance companies are in a minute regulated by the Financial Services Authority, you could go onto their website to see if there is anything that answers your cross-examine Source(s): www.fsa.gov.uk
No you can't it's illegal to sell insurance surrounded by the UK without a licence. Non admitted insurers are usually simply found in countries where the local insurance open market can't cope with all wishes.This isn't the case in the UK since London is pretty much the insurance wealth of the world.... if you can't insure it here you can't insure it anywhere, so there's no need for non-admitted insurers.
Even if you did buy your insurance from overseas, you would have the following problems
1) It wouldn't be rightfully acceptable under UK imperative, so for motor the Police would regard you as uninsured and it's unlikely to be acceptable to any mortgage/loan company should they require it.
2) You enjoy no consumer protection or compensation rights.
3) No reputable company would operate in this manner, so anyone offering is bound to be dodgy.
Try looking at the Insurance Companies Act 1982(?) and the Financial Services and Markets Act 2000 I regard they cover all of this.
Related Questions:
Please also advise on where on earth can I find the Insurance Act stating the above?
Answers:
I dont quite understand what you niggardly non admitted, but all insurance companies are in a minute regulated by the Financial Services Authority, you could go onto their website to see if there is anything that answers your cross-examine Source(s): www.fsa.gov.uk
No you can't it's illegal to sell insurance surrounded by the UK without a licence. Non admitted insurers are usually simply found in countries where the local insurance open market can't cope with all wishes.This isn't the case in the UK since London is pretty much the insurance wealth of the world.... if you can't insure it here you can't insure it anywhere, so there's no need for non-admitted insurers.
Even if you did buy your insurance from overseas, you would have the following problems
1) It wouldn't be rightfully acceptable under UK imperative, so for motor the Police would regard you as uninsured and it's unlikely to be acceptable to any mortgage/loan company should they require it.
2) You enjoy no consumer protection or compensation rights.
3) No reputable company would operate in this manner, so anyone offering is bound to be dodgy.
Try looking at the Insurance Companies Act 1982(?) and the Financial Services and Markets Act 2000 I regard they cover all of this.
Related Questions:
- Stopped by the Police For Driving Without Car insurance any counsel (UK Only)?
- Best place to capture pet insurance surrounded by uk?
- My sister took an involuntary overdose 6 weeks ago and is worried immediately it will affect her sports car insurance? UK single?
- Horse insurance? (UK!!)?
- I own insurance for my sports car contained by the uk singular.I inevitability to shift out of the country.How can seize include europen insurance?