The FSA has set out proposals which it said will simplify and make the reporting of regulatory information by insurance firms clearer and more accessible. The proposals are set out in CP202.
The proposals aim to simplify the Annual Return forms filled out by insurers, which the FSA said had become "unnecessarily complex and unwieldy".
David Strachan, director insurance firms division for the FSA said: "The amendments we are proposing for the Annual return are designed to improve the timelines and quality of analysis of the information, increase the transparency of key risks which firms face, and allow easier comparison and benchmarking of firms."
CP202 also re-consults on more consistent and clearer arrangements for the Directors' certification of the Annual Report and associated audit opinion, and the introduction of a reviewing actuary's opinion for life insurers.
