New demands from the FSA tops the list of regulatory concerns for the London insurance market, claimed the IUA's compliance committee.
It said international issues such as corporate governance legislation in the US were also rated highly, the committee's first full meeting revealed.
The committee was established in response to the increasing complexity of regulatory environments surrounding insurance, said the IUA. Its main aim will be to provide practical help and information for companies working to meet the growing compliance burden.
Committee chairman Rob Mankievitz, who is also compliance officer at Aspen Re, identified key targets for the new body.
He said it would seek to provide useful information by distilling regulatory documents and identifying those areas of particular relevance to commercial and wholesale insurance and reinsurance businesses.The aim would be to help IUA members better understand regulatory requirements.
In addition the committee would also seek to aid the flow of communication between IUA companies and regulatory bodies including the FSA, and foster relations with other elements of the London market.
“The sheer quantity of regulatory changes affecting insurers and reinsurers has been quite overwhelming,” Mankievitz said.
“There is clearly a strong need for the IUA's compliance committee, which I hope will provide the company market with some welcome practical support.”
