IF1 — Insurance, Legal & Regulatory

This core unit of the CII Certificate in Insurance covers the workings of the insurance market, including the legal and regulatory framework and the essentials of insurance practice.

Syllabus

Insurance principles — utmost good faith, insurable interest, indemnity, subrogation, contribution
Legal framework — Insurance Act 2015, Consumer Insurance Act, FCA/PRA regulations
Market structure — Lloyd’s, London Market, brokers, insurers, reinsurers
Regulatory environment — FCA conduct rules, Treating Customers Fairly (TCF)

Assessment

Multiple choice exam — 100 questions, 2 hours, 65% pass mark. Worth 15 CII credits.