FSA and Treasury launch consultation on EU insurance

  • Story by: Gemma Westacott
  • Magazine: FTAdviser
  • Published Tuesday , April 22, 2008

The Financial Services Authority (FSA) and the Treasury have published a discussion paper on the UK's proposals to reduce the administrative burden on insurance groups operating in the EU.

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The proposals detailed in the paper aim to encourage more effective group supervision across EU insurers and provide better value for consumers.

The proposals also represent the UK's contribution to the development of regulation of the EU insurance sector through the Solvency II process.

A key focus of the discussion paper are proposals put forward by the Chancellor of the Exchequer for the creation of supervisory colleges, targeted at improving dialogue between EU regulators to improve their supervision of cross-border insurance and reinsurance groups.

The UK Government has proposed that such colleges should operate for all significant EU cross-border financial institutions, irrespective of legal form.



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