MMA chief executive Garry Fearn has warned that the weight of policy documentation produced under FSA rules is not in consumers' interest.

Speaking on the publication of the insurer's results, Fearn said: "We are now concerned that proportionate regulation be delivered. We must not lose sight of the fact that customers must be the beneficiary of regulation."

Fearn was commenting on the fact that some insurers policy summaries are now over 20 pages long in an effort to comply with FSA regulation.

He said that MMA was working with the FSA to address the problem. "We must get down to key facts."

In 2004, MMA reported an overall profit of £21.6m up from £15.9m in 2003. Gross written premiums increased by 3.1% to £209m and its policyholder base passed the 1 million mark.

The combined ratio was 100%. Fearn said: "All major product lines need to deliver a combined ratio of 100% or better. We are confident we can deliver this."