Insurance companies will be expected to report more frequently to the regulator, with more current information, said the Financial Services Authority (FSA).
Under new proposals, the FSA will require a much clearer picture of the real underlying risks of insurance companies.
FSA managing director John Tiner said: "The current reporting regime for both life and non-life insurers has become over-complex and voluminous.
"There is too much focus on historic financial information in the returns and it is difficult even for the experts users to understand."
He said the regulator is looking to promote a more streamlined approach to reporting financial data which would be more than once a year.
"It would capture less raw data but more and better quality information on a wide range of relevant areas," Tiner said.
This information would also aim to cover companies' dealings with their customers and to give the regulator a greater understanding of who the companies sell to and how, rather than just focusing on the financial soundness of the company.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
