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Insurance and Wealth Management at Pinsent Masons 

Products are a key area of regulatory supervision and enforcement focus. At the same time the landscape is changing, with important statutory and regulatory developments changing the way that insurers can build their products. 

We are experts in each of the core sectors within the market, including General Insurance, Life & Pensions, Health and Savings & Investments. We focus on providing product advice and review work which manages legal and regulatory risk while maintaining the customer proposition. 

What we do

It is a cornerstone of our insurance practice to advise on a range of personal and commercial lines policy wordings. We are able to inform on best practice from across the Sector, specifically in relation to Treating Customers Fairly and Financial Conduct Authority/Prudential Regulation Authority requirements, Unfair Terms in Consumer Contracts Regulations and the Consumer Insurance (Disclosure and Representations) Act 2012. We understand and can advise on the key drivers from an insurer’s perspective. 

Our experience includes:

  • Conducting major regulator driven product reviews
  • Assisting with product development in the personal lines market
  • Advising on complex life, savings and investment products
  • Advising on SME products including combined wordings
  • Advising on innovative product structures and policy benefits and associated legal and regulatory issues (for example, whether a proposed benefit is insurance)
  • We coordinate multi-jurisdictional product development and wording reviews
  • Advising major corporates on structuring their global insurance programmes including captive and security structures.

Our lawyers’ experience

We advise insurers in today’s market on the full range of product related issues. A snapshot of our experience is set out below.

  • Advising a top 5 European insurer on the UK, Ireland and Channel Islands aspects of a pan-European deal with an automobile manufacturer to underwrite warranty cover in relation to a luxury brand of motor vehicles, including advising on regulatory and other issues concerning the product wording and liaising with Irish and Channel Islands lawyers to obtain local legal advice
  • Advising on the development of products for third party litigation funding and breakdown cover, including advising on whether such products constitute contracts of insurance
  • Reviewing policy wordings for an insurer as part of a core wording group with underwriters to ensure it meets the Plain English Campaign standards and fits with underwriters’ intentions
  • Advising insurers on the legal implications of the Test Achats ruling and the resulting changes to marketing and underwriting processes
  • Conducting a policy review exercise for a major international insurer, including testing the policies against various claims scenarios to see how the policy responds
  • Advising industry bodies on the development of telematics products.