A class of use in private car insurance.

Occupational pension scheme trustees are required to include a statement in the Statement of Investment Principles on the extent to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments.

Required minimum margin (RMM) for the Society of Lloyd’s. It must maintain the RMM it would have been obliged to maintain under IPRU(INS) (Margins of solvency) had it been an insurer carrying on all the general insurance business carried on by its members, but eliminating inter-syndicate reinsurance (the Society guarantee fund). The Society must cover any shortfall out of its net central assets.

Created by the Chartered Insurance Institute to encourage continuing study by Fellows of the Chartered Insurance Institute. Its wideranging objectives include stimulating research and contributing to the enhancement of the CII as a professional body.

Part of the Chartered Insurance Institute, it is the UK’s leading professional and educational body for financial advisers. SOFA has the largest number of members qualified to an advanced level in financial planning. It encourages professional development through qualifications, conferences, seminars, etc. There are four levels of SOFA designation. The entry level qualification is the Financial Planning Certificate. The penultimate level is the Associateship – ASFA necessitating six Advanced Planning Certificate subjects, three of which give access to professional membership, MSFA. The highest level is Fellowship FSFA after four additional subjects, making ten in total and is subject to five years’ relevant experience. (Visit www.sofa.org). –