Authorisation Applications

Advising On The Authorisation Requirements To Set Up A UK Broker

The Client’s Needs

The client is a UK based (Re) insurance Managing General Agent which writes property business on behalf of Lloyds & Company markets. The client requested help to setup a new re insurance broker in the UK and required assistance on the requirements to obtain authorisation.

ICSR were engaged to:

  • Advise on and assist with the authorisation application process
  • Advise on an appropriate governance and control structure

ICSR’s Solution

ICSR continues to provide the advice and support required for the application including:

  • Assisting with the drafting of the Regulatory Business Plan;
  • Advising on the required ‘Regulated Activities’ to operate as a reinsurance broker;
  • Advising on the requirements under the Senior Managers and Certification Regime (SMCR);
  • Advising on and assisting with other aspects of the ‘Scheme of Operations’;
  • Advising on and assisting with the development of the control infrastructure include the risk and compliance aspects.

Resources Deployed

ICSR deployed a Director to provide the advice and a senior compliance consultant to draft the Regulatory Business Plan template.

Client Outcome

The client has been provided with the Regulatory Business Plan template and we continue to work with the client to assist with the application process.

Advisory | Resourcing | Training

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