At least two thirds of UK risk managers will not be regulated when new rules for intermediaries come into force next year, according to an Airmic survey.
According to a survey of Airmic members, 66% of companies will not apply for authorisation in January, 21% have done so or plan to do so and 13% are undecided.
Most risk managers who expect to be regulated are in firms whose business includes selling insurance to third parties for a commission.
The findings also show how several companies that originally decided to apply to be authorised changed course as a result of discussions between Airmic and the FSA.
In July, the FSA accepted the main points of a legal opinion acquired by Airmic contesting the basis for risk manager regulation under the EU's Insurance Mediation Directive (IMD).
Airmic director general David Gamble said: "Whereas many insurers and brokers were saying back in June that they would be reluctant to do business with unauthorised risk managers, they now all seem pretty relaxed about doing so."
