Case study

Support Setting Up UK Branch And Post-Authorisation Compliance Support

The Client’s Needs

Our client is a German-based (re)insurer who had applied for UK authorisation to operate a branch in the UK, through which it planned to distribute consumer-focused insurance business. The products would be distributed in the UK by an affiliate company which is an MGA. As a part of the finalisation of the UK branch setup, the management wished to undertake a review of the operational readiness of the business. ICSR were asked to undertake that review and complete a report outlining the state of readiness of all of the functional activities which were required to operate the branch and meet UK regulatory expectations. This required an assessment of the changes made by each function in order to accommodate the UK branch into the day-to-day operations of the wider business.

ICSR’s Solution

ICSR carried out a detailed assessment of the branch set-up plans, updated Board Policies and activities completed by each of the operational functions. The approach comprised a mix of desktop document reviews, personal interviews with relevant heads of functions and gathering evidence of implementation of procedures and controls. A detailed report and action plan was delivered to the client.

Resources Deployed

ICSR deployed a team comprising a director of the business, supported by a compliance specialist to provide a proportionate balance of expertise.

Client Outcome

ICSR were able to provide the client’s international management team and board with a detailed review of the UK Branch readiness and the remaining actions required for it to be operationally ready. The client’s UK Branch is now operating effectively.

Advisory & Resourcing

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