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FSA seeks to improve funding security for UK life assurers.
(From Financial News (Daily))
UK life insurance companies may have to reassess how their liabilities are calculated as part of an effort by the Financial Services Authority (FSA) to improve transparency and security in the industry.The FSA has asked the life companies to assess their liabilities on a 'realistic basis'. The move to overhaul the regulatory framework comes in the wake of the recent crisis at Equitable Life and plummeting stock markets that have fuelled fears about life assurers' finances.
Equitable was unable to meet its generous guaranteed levels of income on some pension policies, and following a House of Lords ruling to pay out was forced close its doors to new business and put the business up for sale.
John Tiner, managing director of consumer, investment and insurance at the FSA, said the regulator wanted to reform the calculation of solvency margin requirements and improve transparency.
Tiner said: "We have asked the ...
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