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CHAPTER 3 LIFE INSURANCE

Compendium of Insurance Law

3 LIFE INSURANCE OVERVIEW 3.1 English statute law as it affects life insurance is concerned primarily with the regulation of the providers of life insurance. Insurers must be authorised to carry on insurance business under the Financial Services and Markets Act 2000, or must be established and authorised within the EU in order to take advantage of the Single European Licence permitting the selling of insurance throughout the EU (see chapter 1). The scheme of the 2000 Act, following the EU’s Directives, is to achieve a strict separation of life and non-life business for regulation purposes. The 2000 Act also lays down various formalities for the creation of life policies, including a cooling-off period during which the policyholder has a right to cancel the policy.

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