A Target Market Statement should allow all parties in the distribution chain to:
1) understand the insurance products being offered
2) determine the identified target market for the insurance products
3) identify any customer segment for whom the insurance product is not compatible
4) carry out distribution activities in a manner that provides a good outcome for the customer
As SRG firms are either insurance intermediaries or Managing General Agents, our insurers are usually the lead manufacturer for the products we distribute. Where we co-manufacture a product, in most cases the insurer has been identified as the lead manufacturer and has taken responsibility for producing the Target Market Statement. We are the lead manufacturer of KBIS British Equestrian Insurance via Miles Smith Limited and have provided the Target Market Statements for this product.
We have collected Target Market Statements from our insurers, and these can be accessed by clicking through the corresponding links below. Our approach was to request in the format of the LMA Product Information Exchange Template (PIET). However, where our insurers have provided the Target Market Statement in an alternative format, we have attached the insurer documentation as it was provided to us. Where insurers have published their Target Market Statement online, a link has been provided.
The documents provided in these pages represent all those Target Market Statements we have received for products we consider to be in-scope of the FCA PROD 4 rules.
We have completed our own fair value assessments based on the information we have received to date. We do not distribute any products which in our view do not deliver fair value.
Target Market Statements are not customer-facing documents and are not intended to be used for sales or marketing purposes. Nor are they intended to replace or augment existing policy documentation.
We are committed to working with you to provide good outcomes for our mutual customers. If you have queries please contact ProductGovernance@specialistrisk.com.