Eurobase Systems has launched document software to help insurers and brokers with compliance issues arising from CP187.
For every policy issued, CP187 requires insurers and brokers to produce, in a short time, documentation giving a policy summary, price and an explanation of any significant or unusual exclusions.
Eurobase's Recital software works with a company's existing administration system and produces the required paperwork, containing specific client details.
Eurobase commercial director Roy Hutchinson said: "There is now another huge administrative burden which should not be addressed simply by throwing extra manpower at it.
"Insurers need to provide accurate and timely supporting documentation quickly, to meet new FSA requirements.
"Additional documents are needed for intermediaries who must state the range of insurers about whom they have provided advice and information, and the reasons for their recommendation."
Eurobase is still considering taking its complaint over Xchanging Ins-sure Services to the European Commission (EC).
Eurobase is not satisfied with the Office of Fair Trading's (OFT) recent ruling, which found no evidence that Xchanging Ins-sure was abusing its market position. It is considering several options.
"We are looking at how the EC's competition rules differ from those of the OFT," said Hutchinson.
