Fair Value Assessments / FCA Consumer Duty

NRI is an underwriting agent with delegated authority to act on behalf of the insurers who are its members. NRI underwrites specialist insurance products that are suitable only for commercial businesses operating in or alongside the nuclear sector, as well as international reinsurance of nuclear risks. NRI’s products are only distributed via brokers who act as professional advisers to NRI’s customers. NRI does not trade directly with the public, and its products are not suitable for individuals or sole traders.

The commercial businesses that buy NRI’s insurance products are generally “Large Risks” as defined by the FCA’s rules. However, the products involved may be appropriate for SME customers that fall within the scope of the FCA’s Consumer Duty which came into effect on 31st July 2023. For each product sold to these SME customers, NRI has undertaken a Fair Value Assessment in accordance with its Consumer Duty obligations. These assessments are available on request to actual and/or prospective customers’ brokers upon request.