REGS

Registered Tonnage

Regular Health (Mediclaim) Insurance

A Health or Mediclaim insurance that covers physicians services other than surgical procedures, such as doctor calls.

Regular medical expense coverage

policies which provide benefits toward doctor fees for non-surgical care, commonly in the hospital, but also at home, or at the physician’s office. These benefits are sometimes in hospital and surgical expense policies.

Regular stock option plan (Pensions)

A plan available to company executives, wherein the executive is able to buy stock in the company at a previously named price. If stock is purchased under this option, it is considered compensation to the executive, and is taxed as such.

Regulated Activities Order

Order (the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; SI2001/544) made under the Financial Services and Markets Act 2000 that specifies the activities, including insurance, regulated by the Financial Services Authority.

Regulated activity

Any type of business falling within the scope of FSMA. The Act contains a general prohibition on the carrying out of such an activity in the UK unless it is authorised or exempt. The wide-ranging activities include: accepting deposits; acting as a trustee in an authorised unit trust scheme; effecting or carrying out insurance contracts; dealing in investments as principal or agent; managing the underwriting capacity of a Lloyd’s syndicate as a managing agent; arranging deals in contracts of insurance written at Lloyd’s, etc.; agreeing to carry on a regulated activity which is carried on by way of business. Insurance mediation will be regulated from 2005. (Visit www.fsa.gov.uk).

Regulated classes of insurance

The 18 classes of general business subject to regulatory control under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2000. See GENERAL INSURANCE BUSINESS.

Regulated retail activity

An FSA term describing one or more of the following activities: mortgage arranging or advising; the sale or administration of general insurance or pure protection contracts; retail investment activities. All firms carrying on regulated retail activities have to comply with FSA reporting requirements.

Regulation

Rule or guideline published by the federal government and administrative agencies implementing a law.
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US: Supervision of business practices by a governmental entity.

Regulatory bulletin

Form in which Lloyd’s publishes codes to help underwri agents meet the regulatory and other responsibilities flowing from the Core Principles for Underwriting Agents. The bulletin is then included in the Codes Handbook.