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  1. Point in time
    2005-06-01

LLD 6.1 Enabling provision, application and purpose

Enabling provision and application

LLD 6.1.1G

The insurance market direction in this chapter is given under section 316(1) of the Act (Direction by Authority) and applies to members.

Purpose

LLD 6.1.2G

The insurance market direction given in this chapter is intended to protect the interests of policyholders and potential policyholders by:

  1. (1)

    making members subject to the Compulsory Jurisdiction of the Financial Ombudsman Service with respect to the carrying on of insurance business; and

  2. (2)

    enabling the complaints of policyholders who are eligible complainants to be dealt with under the rules of the Financial Ombudsman Service.