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FSA launches overhaul of life insurance industry

The FSA is today publishing the report that sets out its proposals for the complete overhaul of the insurance industry.

The FSA has carried out research that it says shows life offices have a significant ability to withstand further large falls in equity values from the level at which the exercise was commissioned. The survey was conducted at the time the FTSE 100 was at 4,000.

FSA managing director, consumer, investment and insurance John Tiner says: “The effective implementation of the new insurance regime is an immediate priority for the FSA, and consistent with this, we are in the process of carrying out “risk assessment” on the largest 200 insurance firms. We are also continuing our work to improve the framework that sets capital requirements for insurance firms.”

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