NLIC.org

Don Said:

what are the supervison and regulation of insurance in the UK?

We Answered:

It is regulated by the FSA

http://www.fsa.gov.uk

Helen Said:

Does anybody know any Amlin Insurance Brokers in the UK?

We Answered:

This is all that I could find.......

http://www.hotfroguk.co.uk/Products/insu…

http://www.amlin.com

Vickie Said:

what exam or study would I have to take to become an independant insurance broker in the uk?

We Answered:

In theory you don't need any examinations - but before you progress you should realise that insurance broking (like all insurance) is regulated by the FSA and you have to satisfy them before you can become a broker.

You can check the website but generally you have to show that you are an honest person and can prove that you are competent to advise on all aspects of insurance broking that you intend to do with retail clients (TC2). You then have to show that you have adequate financial resources. You also have to adhere to their high-level principles and also show that you treat your customers fairly (TCF).

Then, of course, you have to get agencies from insurance companies. If you have no experience I cannot imagine that any company will consider giving you one (oh and you can forget the direct companies - Direct Line/ Churchill etc). You should also consider you are fighting against online companies and you most likely have no reputation built up for looking after customers.

Now I don't want to disuade you - you may have an idea for niche business or want to operate in the commercial area (building up a good business relationship with a few businesses is a better way to start) rather than personal lines - but I would go and work for an independent broker for several years to build up experience.

If you want to learn then you can take courses organised by the Chartered Insurance Institute which have a range of courses ranging from GCSE level (COP) to Graduate (ACII). These can be studied at home - but you can't beat hands-on experience

Shane Said:

What is the absolute cheapest classic insurance broker in the uk?

We Answered:

There is no such broker, there is no such insurer. The best insurer is the one you find after you get several quotes.

Lorraine Said:

How can I become an independant insurance broker? I want to set up a insurance broker firm in the UK.?

We Answered:

I would suggest you make an appointment with the licencing board in our area and discuss this with an experienced broker, step by step.
There are necessary requirements for establishing an independent brokerage firm and it is best to know exactly what these are beforehand.

Vernon Said:

What would you need to do to start your own insurance provider (not broker) in the UK?

We Answered:

Well, you posted to the USA board, so you get a USA answer.

The first step, is to round up several billions of dollars for "reserves" to pay claims. Even in the UK, you need to have the claim money set aside, BEFORE you can sell a policy.

THEN, you write the policies, submit them to the omnibudsman for approval (ok, that's only in the uk), then, promulgate the rates and send THEM over for approval.