IUA calls for adequate regulation
Nick Lowe, director of government affairs at the International Underwriting Association (IUA), said the general insurance industry played "only a small role" in the financial crisis and that consequently there have been few calls for changes to the prudential regulations for the sector.
Speaking following George Osbourne's Mansion House speech, Mr Lowe said: "Indeed, it is generally recognised that the new principles-based regime, known as Solvency II, which is soon to be introduced will provide a sound system of regulation, balancing risk against capital requirements and encouraging good management.
"Our principal concern in relation to the new proposals is that the prudential regulator of insurance should be an integrated authority with a good understanding of general
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