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Fair Value, General Insurance Pricing Practices and Product Governance

The FCA has introduced new requirements in relation to Product Governance, General Insurance Pricing Practices, and delivering Fair Value to customers.

As the insurer and product manufacturer, we are expected to provide our product distributors with information about those insurance products we underwrite and they distribute. As a market-wide exercise, the insurance industry associations have agreed a standard template for use to facilitate both the provision of this information to distributors and to gather their responses. This template is known as the Product Value – Information Exchange document. 

Completion of this template will assist in ensuring all parties continue to act in customers’ best interests and confirm that the products they receive continue to deliver fair value.

If you are one of our distributors, you will have received an email asking you to complete a Product Value – Information Exchange document for each of the products you distribute, and you can find the relevant documents below for HCC International Insurance Company plc (HCCII), Lloyd’s Syndicate 4141, Managed by HCC Underwriting Agency Ltd (HCCUA), and Houston Casualty Company - London Branch (HCCL).

If you have any questions, please contact [email protected].

  • test one

    To add a combined product, first locate the product you distribute from the list provided on the platform. You will then have the option to 'add combined product' to include any other products that are combined with it.

    To add a combined product, first locate the product you distribute from the list provided on the platform. You will then have the option to 'add combined product' to include any other products that are combined with it.

  • test two

    To add a combined product, first locate the product you distribute from the list provided on the platform. You will then have the option to 'add combined product' to include any other products that are combined with it.

Fair value product documents

To download any required documents for, Accident & Health, Professional Indemnity, Liability, Marine, Marine Liability, WorldTrips, J Business, Contingency and Delegated Property please click on the link below.

Documents & downloads

To download any required documents for, FCA documentation, distributor FAQs and communications.

DISTRIBUTOR FAQs

Why are the Product Value Information no longer available on this website ?

  • TMHCC has now partnered with an external platform provider, VisRisk, whose portal allows for an expedient information exchange process. All distributors should have received an invitation from VisRisk to log-in and complete their forms. If you have not received this invitation, please email our dedicated team at [email protected]. Brokers can only access TMHCC Fair Value Assessments after successfully completing their PVIE via VisRisk.

Is Tokio Marine HCC (TMHCC) the legal name of the insurer (Manufacturer)?

  • No, this is simply a trading name we use to cover all of our underwriting platforms in the UK. The actual legal names of our insurer platforms are:

    • HCC International Insurance Company plc
    • HCC Underwriting Agency Ltd (the Managing Agent of our Lloyd’s Syndicate 4141)
    • Houston Casualty Company (London Branch)

    It’s important for you to check which of our underwriting entities is providing the products you are distributing as this will be one of the first questions asked when you are completing your information for the Fair Value exercise.

Does TMHCC ask for the same Fair Value information as appears on the LMA’s template form?

  • Yes, it’s similar, but we ask for more information than what is provided in the original LMA template. We've enhanced the information requested so that it provides more detail and allows for a much more meaningful analysis to give us the assurance needed to be satisfied that our products are delivering Fair Value to the policyholder customer.

Is TMHCC the sole product manufacturer or a co-manufacturer of the products it provides?

  • TMHCC will always be a manufacturer of the products it underwrites. On occasions we may collaborate with Broker or Coverholder partners, making us Co-manufacturers with those firms. Where TMHCC is a Co-manufacturer, we have formal agreements in place that clearly set out which firm is taking the lead on the various aspects of the manufacturing process, ranging from the product design and target market to the post product launch, monitoring and reporting.

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