The UK life assurance sector has undergone significant change in recent years. The complexity of life policies, capital requirements and remuneration structures means that contracts of life insurance are treated differently under the regulatory regime to non-life (general) insurance contracts.

Our overview of the ten things you need to know about Life Assurance in the UK covers the essential features of life assurance business and explains what is meant by with-profits funds, the distinction between investments and pure protection contracts and addresses the enhanced regulatory requirements for life insurers.

Regulatory reform to date has focused on the operation of with-profits funds and the Retail Distribution Review (RDR) which banned commission payments in relation to advised sales of life policies with an investment element.

With the Financial Conduct Authority (FCA) now it’s second year as conduct regulator, RDR implementation remains on the agenda but the regulator’s attention is now turning to other areas of the life sector. The review of historic/legacy business, announced in March 2014, has been particularly controversial. Changes to the regulatory regime affecting the way mutuals operate is also a topical issue.

This section of our technical resource includes the following articles: