The Chartered Insurance Institute (CII) has welcomed the Tiner Report into the future of insurance regulation.
The CII welcomed the report's focus on improving the prudential and conduct of business regimes for insurance.
CII director general Sandy Scott said: "A risk based approach coupled with sound management systems and controls are essential, not only for effective and efficient regulation, but also to improve the consumer confidence in the industry.
The CII also said it was pleased to play its part in ensuring individuals and organisations meet the demands of the report. Scott said: "The CII has invested in an Internet based solution featuring programmes to allow individuals to learn, and a dedicated compliance and competency section to ensure compliance with rules and a means of demonstrating competence to the regulators."
