Insurance market update – May 2011
The Deloitte view for non life insurers
On 14 April 2011, the consultation period closed on the HM Treasury’s discussion paper entitled ‘A New Approach to Financial Regulation: Building a Stronger System (Cm 8012)’, published in February 2011. This paper outlined the Governments plans to transfer prudential supervision of banking and insurance to a subsidiary of the Bank of England, the Prudential Regulation Authority, and rename the Financial Services Authority (FSA), the Financial Conduct Authority, which will focus on consumer protection and market regulation.
The FSA acknowledged that there will be challenges but will continue with ‘business as usual’, such as the ARROW operating framework, whilst looking at what the changes will mean in practice. In this edition, we review the impact of the new regulatory structure on the insurance industry and consider some of the practical considerations for insurers and intermediaries in the general insurance market.
Insurance Market Update (PDF)