View more on these topics

Treasury and FSA launch consultation on EU insurance

The Treasury and the FSA have launched a consultation on the UK’s proposals to reduce the administrative burden on insurance firms operating in the EU.

The proposals aim to encourage more effective group supervision across EU insurers and ultimately provide better value for consumers.

They represent the UK’s contribution to the development of prudential regulation of the EU insurance sector through the Solvency II process.

A key focus of the Discussion Paper are proposals put forward by chancellor Alistair Darling for the creation of colleges of supervisors.

Under these proposals EU regulators would work more closely through supervisory colleges, improving the effectiveness and efficiency of their supervision of cross-border insurance and reinsurance groups.

The UK Government has proposed that these colleges would operate for all significant EU cross-border financial institutions, irrespective of legal form, providing a structure for the sharing of information and the cooperation of supervisory authorities in the EU.

The Government says these proposals show its determination to continue in its proportionate and risk based approach to EU financial services rules.

It says that this will contribute to the competitiveness and modernisation of the insurance sector and will bring benefits to consumers throughout the EU with more innovative and better value insurance products.



News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm