Tiner defends insurance margin changes
In a speech today to the Westminster & City Twentieth Anniversary life insurance conference, the Financial Services Authority's John Tiner sought to clarify a letter, released last Friday, that relaxed the solvency regime for UK life assurers.
“In my letter, I sought to make clear that, where the existing rules were requiring excess prudence, we would be prepared to relax those rules,” said Tiner, who is head of the FSA’s consumer, investment and insurance directorate. “However, insurance companies would need to demonstrate that in their particular case the existing rules were excessively prudent. They would do
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