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ABI launches guidance on ICA

The Association of British Insurers has published a guide to the individual capital assessment regime for insurers which was updated by the FSA on 31 December 2006.

The guide aims to give advice and examples of good practice to help firms prepare their ICA and has been written in partnership with the Investment and Life Assurance Group, the International Underwriting Association, Lloyd’s and the Lloyd’s Market Association.

ABI Director of Financial Regulation and Taxation Peter Vipond says: “This industry guide complements the FSA’s high-level rules with practical guidance for firms about how to ensure they are properly capitalised against the risks they face. We hope it will make an important contribution to the development of the ICA regime.”

FSA Insurance Sector Leader Sarah Wilson says: “We have worked closely with the insurance industry to develop this helpful piece of guidance. It provides commentary and examples of how firms may achieve our standards and objectives for Individual Capital Assessment.

“We are now considering the feedback to our recent discussion paper on Industry Guidance, which will help to inform the development of our new principles-based approach to regulation.”

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