The FSA's proposal that brokers' client monies could be guaranteed by insurers has been slammed by Allianz Cornhill.

Speaking to Insurance Times, Allianz Cornhill new chief executive Andrew Torrance said that he fundamentally disagreed with the proposal.

"It is up to the broker community to have sufficient solvency to guarantee their own client funds. It is not up to insurers to do that," he said.

Torrance said it was too early to say that the company would never agree to act as guarantor. But he added: "I am very unenthusiastic about the concept."

He also said that the recent spate of high profile broker failures has not caused the company concerns.

He said: "Reviewing the solvency of brokers is a key part of managing our agency base. It is an ongoing activity. I am not any more worried about now than I was 24 months ago."

Torrance, who is due to officially take over as chief executive from Ray Treen in July, said that there would be no dramatic changes in the direction of the company.

He said that the company would still be enthusiastic about all commercial business "from individual tradesmen to global programmes for international companies".

In the personal lines market, he said that the company would continue to be committed to intermediated business.

"We want to be supportive of that sector. We will continue to make products available that are competitive and which provide a good level of service."