1. An audit instigated by the IR to ensure that the pension scheme has complied with IR requirements. 2. An audit to ensure that an authorised party has complied with FSA requirements under powers granted under FSMA.

The approved person, having significant influence and acting in the capacity of director or senior manager, who is allocated the compliance oversight function. He or she must ensure that the firm acts in accordance with FSA rules. He or she needs unfettered access to all individuals and information in order to further the sound and prudent management of the firm.

a company authorised to carry on both long term and general insurance business.

An insurance company that transacts all or several of the major classes of insurance.

Building products used for cladding and insulation but creating a significant fire hazard. Materials such as expanded polystyrene, extruded polystyrene and polyurethane are more combustible than safer but more expensive alternatives. The risk is exacerbated when ‘warehouse damage’ lowers the fire resistance of panels. The higher the level of combustibility the harder it is to obtain insurance. Expert advice is available from the Building Research Establishment Ltd.

A life insurance bonus payable at the same time and in the same circumstances as the sum insured which is declared periodically as an addition to the sum insured and accrued bonuses.

An arranged settlement on a hull policy where there is no actual or constructive total loss but where repair of the vessel is impracticable.
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An agreement between a hull underwriter and assured ship-owner, whereby the underwriter is prepared to pay a compromised settlement on a total loss basis because, although the estimated cost of repairs does not justify a constructive total loss, repairing the ship would be an uneconomical proposition in view of its market value and the high cost of repairing the damage. The settlement usually, allows the assured to retain the wreck.

An annuity that must be purchased with funds from a personal pension or an occupational pension scheme to provide a retirement income by age 75. See AGE 75 RULE.

A combined liability policy for computer consultants not engaged in manufacture, installation or servicing of hardware covering: professional indemnity insurance, public and products liability and employers’ liability.

Covers ‘all risks’, theft and breakdown included, puter and ancillary equipment. Chips and standard software are included autocommatically. Other key features: ‘new for old’ settlements; cover in UK premises and in transit; negotiable excesses; loss of data; Data Protection Act liability; and consequential loss following an insured breakdown or loss. Liability insurance may be included. Exclusions are minimal but special precautions have to be taken when computer equipment is left in an unattended vehicle. Policies may apply to personal computers, laptops and mainframe systems. (See Figure 4). See INTERNET LIABILITY INSURANCE.