The advantages of GRiD membership
Virtually all providers and reinsurance companies currently writing UK group risk business are members of GRiD, together with a significant and growing number of group risk advisers and service providers. There are many competitive advantages of GRiD membership and we’ve highlighted the key benefits in a new flyer which you can download below.
GRiD member briefing on the Insurance Act 2015 and its impact on group risk
This is a summary of the impact of the Insurance Act 2015 on group risk, prepared for GRiD member firms. This summary is not intended to replace any aspect of the legislation and should not be relied upon as part of a firm’s compliance with its obligations. GRiD does not provide legal advice. GRiD is […]
Financial Conduct Authority (FCA) Consumer Duty and its impact on Group Risk
This is a summary of the impact of the FCA Consumer Duty on group risk, prepared for GRiD member firms. This statement is intended to raise awareness with GRiD members of their potential need to act in respect of the rules which come into effect from 31st July 2023 for open policies and 31st July […]
Overview of Group Risk Underwriting
A factsheet giving an overview of group risk protection insurance underwriting. Typically, group risk insurers are a little more relaxed about seeking medical evidence than consumer insurance providers because they are underwriting a pool of risk rather than individual members. Generally, the process works as described in the document available to download here.
Updated executive summary of HMRC’S approach to GIP OPRA taxation and their published technical notes dated August 2022 and September 2022
Updated executive summary of HMRC’s current approach regarding the taxation of Group Income Protection (GIP) within the context of an optional remuneration arrangement (OpRA) and their published technical notes dated August 2022 and September 2022. This updated summary is based on the latest technical notes produced by HMRC following a meeting with ABI and GRiD, […]
Default Retirement Age – Clarification of issues relating to Group Risk insured benefits
This document is for use by GRiD members only but should not be taken as a GRiD view. It has been written with input from legal experts to provide an update on the current status of the exemption GRiD gained in relation to Group Risk Insured benefits. From time to time, we are asked to […]
Group Income Protection (GIP) funded through Salary Sacrifice
In April 2017 the Government made changes to salary sacrifice arrangements. At that time HMRC said that GIP funded through salary sacrifice would be subject to tax on both the benefit and the premium. At some point after 2017 HMRC changed their position. The proportion of the premium funded through salary sacrifice would be subject […]
Overview of Group Risk Protection Insurance
A factsheet giving an overview of group risk protection insurance – what it is, the extent of the market, claims paid and other points to consider. To read please download the document available here.
Access to Insurance Agreement on Signposting to Protection Insurance – Application to Group Risk insurance for people with pre-existing medical conditions and disabilities
The cross-industry Access to Insurance Working Group (spearheaded by Johnny Timpson, the Cabinet Office’s disability champion for the insurance sector) has been looking at ways of making protection insurance more accessible for people with pre-existing medical conditions and disabilities. This follows on from the FCA’s involvement with the travel insurance industry and making ‘Signposting’ mandatory […]
ABI/GRiD Employer Toolkit
GRiD’s Workplace Public Policy Committee has been working with the ABI to develop an employer toolkit aimed at helping employers to comply with the Good Work Plan requirement for day one statements and encouraging SME’s to promote employee health and wellbeing. The ABI is launching the toolkit today, which can be accessed via the link […]
