The FCA has sent an e-mail to insurance firms to remind them about the REP019 General Insurance Value Measures Report.
As a result of new FCA rules relating to insurer ‘value measures reporting’ for most consumer insurance products, the FCA has added a new RegData return (REP019) to each firm’s reporting schedule.
For the vast majority of insurance intermediaries, the REP019 report will be a simple ‘nil’ return, because it is only relevant to an intermediary where that intermediary:
- is distributing a product line that is underwritten by a non-admitted insurer (broadly, an insurer that is not listed on the Financial Services Register); and
- has 3,000 or more policies in force in any given category in the reporting period AND has a total of £400,000 written premium in the reporting period for that product type category.
Additionally, you will need to be aware that only the RegData Principal User has access to the new REP019 report. Therefore, if a consultant (or another user within your firm) is to submit it for you, the Principal User will need to log in to RegData and grant permission for the consultant / other user to be able to access and submit the REP019.
If you think you will have consumer business lines that are potentially reportable, please contact us for guidance.
This new return, for the reporting period 01/01/2021 to 31/12/2021, must be submitted by 28 February 2022 to avoid FCA action (including a £250 admin fee) for a missed reporting deadline.
Further information on the new reporting requirements can be read here.
For support with any compliance-related topics, please contact our compliance experts on 01925 767888, or email helpline@ukgigroup.com.