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Regulation - Insurance industry unready for FSA regulations, claims survey.
(From Reinsurance)
On 14 January, new Financial Services Authority (FSA) regulations governing the general insurance industry came into effect. However, 96% of senior management within the industry believe "many firms" were unable to fully comply with the rules in time for the deadline, according to a survey by Docucorp, a provider of information solutions.
The survey of more than 200 general insurers and brokers revealed a prevailing view within the industry that large numbers of firms were going to be authorised by the FSA without having put in place the procedures required to comply with its new regulations.
The survey also revealed that 92% of insurers believe the FSA has substantially underestimated the cost to the industry of implementing the new requirements.
The start date for the new regime was chosen to enable the UK to meet the deadline for compliance with the EU Insurance Mediation Directive, which comes into operation on the same day. Nearly two-thirds (64%) within the general insurance industry believe far more cost-effective methods of compliance could have been found had they been given longer to prepare.
A ...
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