MULRA has highlighted the need for regulation of the general insurance industry until the FSA takes over from the General Insurance Standards Council (GISC).
The Motoring Uninsured Loss Recoveries Association (MULRA) has highlighted the need for regulation of the general insurance industry until the FSA takes over from the General Insurance Standards Council (GISC).
Last week, the Treasury announced that the FSA was to become the industry's regulator. The takeover is expected by 2004.
MULRA chairman David Haynes said: "The ULR industry remains in need of regulation.
"We are worried about the two-year gap between now and 2004 when the EU Directive makes formal regulation mandatory.
"Some companies are likely to withdraw from GISC and we face a worrying time with a less regulated environment than before".
MULRA, a professional standards organisation, said it had been in close contact with GISC despite frustration over delays and Rule 42 problems.
