Subject Financial criminal law / investigation: not policy exclusion
The post below highlights the serious and life/career changing consequences facing any Financial Institution or Individual manager(s) representing that entity being the subjects under investigation and more relevantly being found guilty of a finance crime.
On the question of Jurisdiction The Channel Islands Financial Law mirrors UK Finance law both in principle and consequence IE: Custodial sentence and /or significant fines for the offenders.
(original post earlier)
I had no idea there were such serious consequences for conducting insurance business without a license.
Wouldn't envy any Financial Institution or individual found culpable for this:
"Carrying on a regulated activity in the UK without authorisation or the benefit of an applicable exemption, such as effecting and carrying out contracts of insurance, is a criminal offence for which the PRA or FCA can instigate proceedings and for which, on conviction, a fine or imprisonment can be imposed under section 23 of the Financial Services and Markets Act 2000 (FSMA). Notwithstanding the illegality of the unauthorised insurance contract in question, the FSMA provides that the contract (although unenforceable by the insurer) is enforceable by the insured insofar as the insured can recover sums paid under the policy."