IUA warns of insurance regulation challenge
A lack of qualified staff threatens to undermine government plans to reform financial regulation in the UK, the International Underwriting Association (IUA)has warned.
IUA said that the demand for high quality insurance regulators is already under pressure due to the implementation of the European Union’s new solvency regime Solvency II.
It added that IUA members have reported delays in approvals of internal company models required to make calculations for new solvency requirements and said that this situation is likely to be exacerbated by the creation of two new regulatory bodies in the UK, the Prudential Regulatory Authority (PRA) and the Consumer
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