New rules for a new era
The UK's new rules designed to implement a risk-based regime for regulating the insurance industry are due to come into place at the end of the year. John Ferry talks to the Financial Services Authority about what this means in practice for insurance companies.
The introduction of new rules to bring about risk-based regulation of the UK insurance industry was not a case of a busybody regulator imposing unnecessary market restrictions, but a much-needed modernisation of rules that were well past their sell-by date, according to Iain Wright, the Financial Services Authority’s (FSA) head of department responsible for insurance issues in the major retail groups division. “In reviewing the whole of the insurance regulatory structure it was fairly evident
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