A new regulatory world
Life insurance regulation wasn’t always so fast-moving and dynamic, nor was its impact so contentious. But the end result is expected to be a more harmonious environment for life insurers, in which business and regulation are aligned.
At the end of June, some equity derivatives dealers in the UK were expecting the Financial Services Authority (FSA) to deliver a powerful incentive for life insurers to start using more long-dated options, in the form of new guidelines that would have given longer-term hedgers more capital relief. It didn’t happen.
“A week is a long time in life insurance regulation,” said one London-based dealer, speaking in the days after the release of the FSA document. “Buying long-dated options is not as
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