The FSA has published a consultation paper outlining its proposed changes to insurer's annual returns.

In CP202: Insurance regulatory reporting: changes to the publicly available annual returns for insurers, the FSA proposes to amend the reporting requirements to make them less onerous for smaller firms and on less material lines of business.

The major proposals for general insurers concern new standardised reporting categories for current risk groups and accounting classes reported.

The FSA said that its proposals will sit alongside the future International Accounting Standard changes.

The consultation period closes on 31 December 2003, with the proposals to come into effect for financial years of firms ending on or after 31 December 2004.