Research Handbooks in Financial Law series
Edited by Julian Burling and Kevin Lazarus
Chapter 15: Conduct of Business Regulation: A Survey of the UK Regime and a Comparison with the US, German and Hong Kong Approach
James Smethurst, Wessel Heukamp, Jonathan Goodliffe and Royce Miller1 1. INTRODUCTION 1.1 The Scope of this Chapter This chapter focuses on conduct of business rules (often abbreviated to ‘COB’ and in some countries referred to as ‘market conduct’ rules) relating to insurance business. These rules are derived in some jurisdictions, such as the United Kingdom, from the regulation of insurance within public law, rather than from the private law of insurance contracts. In other jurisdictions such as France and Germany, many conduct of business rules will be included in the main insurance code or insurance contract law statute.2 We take a comparative approach, focusing on certain aspects of the rules in the UK and comparing them to those adopted in Germany, Hong Kong and the United States of America in particular. We make some additional comparison with certain rules in France and Italy. In the USA each state has its own regulatory regime, although there are considerable common elements, achieved partly through the co-ordinating work of the National Association of Insurance Commissioners (NAIC). The NAIC has drafted model statutes3 that apply to numerous areas of insurance regulation. Almost all of these model statutes have been enacted into law by the states, albeit with many minor and a few major changes. Each state has its own insurance code containing adoptions or adaptations of the model statutes and numerous other statutory provisions. There are, however, strong strains of consistency in these other statutory provisions, allowing us to make general references to US...
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