Product Governance Reviews & Fair Value Assessments
From 1st October 2021, the FCA enhanced its product governance requirements through its General Insurance Pricing Principles (GIPP) market study PS21/5. One of the changes included the requirement for Fair Value Assessments (FVAs) to be carried out on all general insurance products, other than those of large risk or reinsurance, on an annual basis, or when there has been a significant product amendment. Firms must be able to clearly demonstrate how any non-investment insurance product, additional product (including retail Premium Finance) or package provides and will provide for a reasonable period, fair value. Where a firm is unable to both identify and clearly demonstrate that the insurance product and, where relevant, the package will provide fair value, the firm must not market the product or permit the product to be distributed or must have ensured appropriate changes have been made so that fair value will be provided.
To meet this requirement, a Product Governance and Fair Value Assessment information document is available for each of our products.
To access this information please see the relevant product (under Our Products) page and then the "Documents" tab, where a link to the information is provided.
For more information on our approach to Product Governance and Fair Value Assessments, please refer to the links here on this page.
Midas Underwriting Limited Approach To PROD FVA FINAL V1
Geo Personal Lines Approach To PROD FVA FINAL V1
Geo Private Clients Approach To PROD FVA FINAL V1