1. The reporting in writing to Opra by an actuary or an auditor of an occupational pension scheme where they suspect that a breach of certain rules has occurred. Others may report such breaches but the actuary and the auditor have a legal duty to do so (PA95, s.48). 2. The FSA can accept whisteblowing information from insiders in regulated firms by virtue of its prescribed regulator status under the Public Interest Disclosure Act 1999. The Act protects ‘whistleblowers’ from reprisals and secures compensation for victims for revealing serious wrongdoing.

Term that applies when a firm, e.g. broker, labels and sells an insurance product under its own name when it is the product of another firm, e.g. an insurer. The FSA does not restrict this practice but has issued a guidance note to say that firms should make clear to the customer the identities of both the insurer and the intermediary and should ensure that their communication with the customer is clear, fair and not misleading.

Refers to excess of loss treaty protecting the whole of the reinsured’s written business or the whole of a category, such as the liability account rather than arranging separate protections for public liability, employers’ liability, third party motor, etc. Whole account cover has many layers, is often on a co-insurance basis and may take care of disasters and clashes.

assurance under which benefit is payable on death whenever it occurs; may be with- or without-profits.

Rule of construction meaning that the whole of the policy must be looked at and not merely a particular clause. Where a proposal is expressly incorporated in a policy by the terms of the policy, the two should be read together.

A credit insurance whereby the insured insures the whole of his sales ledger rather than insure selectively on the basis of named accounts.

A broker who places risks with Lloyd’s or with insurance companies on behalf of other brokers, i.e. subbrokers who are customer-facing and therefore, unlike the wholesaler, subject to ICOB rules. Wholesale brokers normally attract business as they are able to secure better policy terms and conditions than the sub-brokers. Wholesale brokers who are Lloyds-accredited provide a route to the Lloyd’s market for other brokers and may operate under binding authorities.
***
A type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Wholesale agents place business brought to them by retail agents. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who produced the business does not. The same broker can function as a retailer or wholesaler, depending on the specific situation. Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that is unusual and/or have greater access to or influence with certain insurance markets, which is especially valuable when dealing with a difficult-to-place risk. There are two types of wholesale brokers managing general agents and surplus lines brokers. The latter work with the retail agent and the insurer to obtain coverage for the insured but unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.

A contracted out occupational pension scheme must pay at least this amount in pension benefits to the surviving spouse of a member who dies. This applies for any benefits earned pre-April 1997. WGMP does not apply to a scheme that has contracted out under protected rights rules.

The ignorance which occurs when a person deliberately and wilfully refrains from inquiring into a situation or deliberately disregards a situation in the hope of profiting from it. It applies to assignees for value who seek to gain advantage by giving notice of an assignment under the Policies of Assurances Act 1867 ahead of previous assignees they know or suspect to exist who have not yet given notification. This conduct is not permitted as a means of an assignee gaining priority.

Formed by leading international insurance brokers to exploit the use of Internet technology to place risks internationally while also continuing to place business manually. In June 1999, WIN merged with LIMNET and the RINET to form WISe (the World InSurance – E-commerce).