Regulatory Alerts2021-12-17
Joint Communication 7 of 2021: Change in Naming Convention for Licensed Insurers Under the Insurance Act 2017
The Prudential Authority and Financial Sector Conduct Authority jointly clarify the naming conventions for insurers and controlling companies following their licence conversion under the Insurance Act 2017. Section 23(5) mandates that licensed status be referenced in all business documentation, advertisements, and marketing materials, with the Authorities preferring specific uniform terminology that aligns with issued licence certificates. While the preferred naming convention is not strictly mandatory and allows for acceptable permutations, legacy materials referencing prior registration status must be fully phased out without grandfathering.
Share