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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
FCA non-financial misconduct survey leads to call for action and benchmarking
The Financial Conduct Authority has released the findings from its non-financial misconduct survey as a benchmark for firms to reflect on whether their own processes, procedures and controls provide both robust detection and appropriate outcomes.
Premium finance review welcomed as EY warns of ‘heightened regulatory scrutiny’
Industry practitioners have broadly welcomed the Financial Conduct Authority launching a review into premium finance.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
Government announces motor insurance task force to tackle “spiralling costs”
The Government has announced a new cross-government motor insurance task force, supported by industry experts, to tackle what it claims is “the spiralling costs of car insurance”.
Broker Expo 2024: Biba encouraged by ‘step-change’ in FCA’s approachability
Head of regulation for the British Insurance Brokers’ Association David Sparkes told delegates at Insurance Age’s Broker Expo yesterday that he is encouraged by the fact that the Financial Conduct Authority is being more receptive to feedback.
Experts say industry is improving on fair value despite FCA criticism
The Financial Conduct Authority’s findings that brokers are still struggling to provide evidence that their remuneration is consistent with fair value rules has sparked mixed reactions among people working in the sector. Ida Axling explores the fallout in more detail.
FCA: Reducing rulebook would lead to boost in international competitiveness
The Financial Conduct Authority believes sharing more information on good practice and its expectations will benefit the industry and help drive better outcomes, according to Graeme Reynolds, director of competition.