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Ilag working party to inspect FSA rulebook

The Investment and Life Assurance Group has set up a working party of industry practitioners to look into the FSA&#39s interim prudential sourcebook.

The Ilag working party will examine and report on the issues of systems and controls, operational risk, market risk, capital, credit and liquidity risks, record-keeping and insurance and friendly society risks.

As well as looking at the regulator&#39s new rulebook, the party will investigate the implementation of the EU directive on insurance groups and how fair value accounting will affect prudential regulation reserving. It will also examine guidance on insurance group insolvency and the timetable for implementation.

The working party will respond to regulator consultations on behalf of Ilag members.

Chairman of the working party is Eric Purdy, formerly of M&G Life and now chairman of Adieus. The others are drawn from across the industry and include practitioners from Arthur Andersen, Nationwide Life, Oxford Actuaries and Consulting, Canada Life, Swiss Life and Cornhill.

Purdy says: “We felt that the activities of our regulations committee should be augmented in this important area and we are keen to provide more prudential regulation information and actuarial opinion to members.”

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