The FSA is to introduce a ‘hard' capital adequacy test from the end of 2006.

The FSA issued a statement on capital adequacy following comments made in Royal & SunAlliance's second quarter results, published yesterday.

The FSA said: “In our policy statement PS04/20 issued on 21 July we explained that we would be considering further the issue of a ‘hard' capital adequacy test for groups headed by an insurance holding company.

“We indicated that we would be discussing the matter with firms affected with a view to issuing a supplementary policy statement in September.

“We have now discussed the issue with Royal & SunAlliance and other firms and can state that our intention, subject to FSA board approval of the necessary rules, is to introduce the ‘hard' test from the end of 2006, with public disclosure required of the results of the calculation from end-2005.”

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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