Regulation 3 Insurers to whom Part 2 of these Regulations applies
Part 2 of these Regulations applies to relevant insurers.
A “relevant insurer” is an insurer who—
has effected or carried out contracts of insurance in England and Wales for a period including at least one report year; and
has issued 100,000 or more private motor insurance policies where the period of cover for those policies began in a single report year.
A relevant insurer must provide the information in regulations 4 to 6 to the FCA relating to—
the report period; or
if the relevant insurer is not authorised to effect or carry out contracts of insurance under the Financial Services and Markets Act 2000 for every year of the report period, then each report year in the report period for which the relevant insurer is so authorised.
An insurer who becomes a relevant insurer must notify the FCA without delay that it is within scope of these Regulations.
A relevant insurer who is unable to provide the information in regulations 4 to 6 for one or more report years must give written reasons to the FCA no later than 1st October 2023, explaining why it could not provide that information for the report year concerned.