the United Kingdom must be authorised by the Department of Trade and Industry under Sections 2 and 3 of the Insurance Companies Act 1982 (“the Act”) and the Insurance Companies Regulations (1981). “Carrying on insurance business” would extend beyond simply underwriting, to cover running off the account and paying claims.
By:
Willis J. Watsonl
Finance>
Insurancel
Nov 24, 2010
Insurance – Waiver Or Affirmation?
The only remedy available to the insurer in the event of material non-disclosure or misrepresentation is the avoidance of the policy of insurance. It must then return the premium to the assured and parties will be returned to the status quo. Frequently, the insurer or its solicitors will write to the
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