Is it possible to purchase insurance policies from non-admitted insurers in United Kingdom?
Please also insist on on where can I find the Insurance Act stating the above?
Answers: I dont reasonably understand what you be going to non admitted, but adjectives insurance companies are now regulated by the Financial Services Authority, you could travel onto their website to see if there is anything that answers your query
No you can't it's illegal to flog insurance in the UK minus a licence. Non admitted insurers are usually one and only found in countries where on earth the local insurance market can't cope beside all requests.This isn't the case surrounded by the UK since London is pretty much the insurance capital of the world. if you can't insure it here you can't insure it anywhere, so there's no call for for non-admitted insurers.
Even if you did buy your insurance from overseas, you would have the following problems
1) It wouldn't be reasonably acceptable lower than UK law, so for motor the Police would high regard you as uninsured and it's unlikely to be acceptable to any mortgage/loan company should they require it.
2) You hold no consumer protection or compensation rights.
3) No reputable company would operate in this posture, 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 think they cover adjectives of this.
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Please also insist on on where can I find the Insurance Act stating the above?
Answers: I dont reasonably understand what you be going to non admitted, but adjectives insurance companies are now regulated by the Financial Services Authority, you could travel onto their website to see if there is anything that answers your query
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No you can't it's illegal to flog insurance in the UK minus a licence. Non admitted insurers are usually one and only found in countries where on earth the local insurance market can't cope beside all requests.This isn't the case surrounded by the UK since London is pretty much the insurance capital of the world. if you can't insure it here you can't insure it anywhere, so there's no call for for non-admitted insurers.
Even if you did buy your insurance from overseas, you would have the following problems
1) It wouldn't be reasonably acceptable lower than UK law, so for motor the Police would high regard you as uninsured and it's unlikely to be acceptable to any mortgage/loan company should they require it.
2) You hold no consumer protection or compensation rights.
3) No reputable company would operate in this posture, 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 think they cover adjectives of this.
Resolved Questions: