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
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
Lords Committee ‘unconvinced’ on FCA name and shame proposal
The House of Lords Financial Services Regulation Committee is unconvinced on the FCA’s name and shame plans as it branded the consultation an “abject failure” and urged if concerns have not been addressed in the regulator’s second consultation the proposals should not go ahead.
FCA issues restrictions on Scottish broker because of personal lines premium concerns
The Financial Conduct Authority has taken action to stop Arthur Temlett, trading as Abacus Insurance Consultants, from carrying out any regulated activities, including acting as an insurance broker.
Liiba seeks to quantify London brokers value to global economy
A trade body has launched a project to quantify the monetary value of London’s brokers to the global economy.
FCA targets 400 headcount as it continues Leeds office expansion
The Financial Conduct Authority has expanded its Leeds regional office, with 100 more people expected to join this year.
Economic Secretary Emma Reynolds supports calls for proportionate regulation
At the British Insurance Brokers’ Association manifesto launch Economic Secretary to the Treasury Emma Reynolds stated regulation “must be proportionate”.
Manifesto 2025: A ‘golden opportunity’, says Biba
The British Insurance Brokers’ Association has unveiled its 2025 Manifesto, titled ‘Partnering to deliver value’, labelling the year as a golden opportunity on regulation.
FCA insurance related fines total £1.1m in 2024
The Financial Conduct Authority handed out £1.11m in fines to two general insurance broking individuals in 2024, as firms achieved the second year in a row of zero fines.
Somerset Bridge and DLG breach Private Motor Insurance Order
Somerset Bridge and Direct Line Group have both received a letter from the Competition and Markets Authority for breaches of the Private Motor Insurance Market Investigation Order 2015.