The Financial Services Authority has issued guidelines on how insurance firms should apply European rules governing the industry.
The Insurance Groups Directive regulates insurance undertakings wit ...
The Financial Services Authority has issued guidelines on how insurance firms should apply European rules governing the industry.
The Insurance Groups Directive regulates insurance undertakings within an insurance group.
Its aims include preventing double use of the same capital to cover risks in an insurer and its related undertakings, assessing resources available to meet the overall insurance risk faced by a group and monitoring transactions within an insurance group.
An FSA spokesman said:" The insurance industry has asked for this guidance and we are happy to provide it to assist the smooth implementation of the Directive in the UK.
"We welcome comments on the guidance from firms, professional bodies and other interested parties after which the guidance as finally formulated will be incorporated into the FSA Handbook of Rules and Guidance."
The draft guidance can be round in the FSA's consultation paper 116 which is available on its website at www.fsa.gov.uk.
