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The Actuary The magazine of the Institute & Faculty of Actuaries

Economist insurance conference

A wide-ranging review of developments in regulation by John Tiner was the highlight of the fifth annual European Insurance Industry Conference hosted by The Economist on 26 November 2003.

Mr Tiner particularly stressed the importance which the Financial Services Authority (FSA) attaches to fair treatment of customers holding with-profits policies and he foreshadowed the contents of what subsequently appeared as Consultative Paper 207. Many actuaries are concerned at the somewhat prescriptive approach envisaged in this proposal, and it seems likely that much work will be required to achieve a appropriate balance as between customers and investors.

He also linked UK regulatory developments to the development of ‘Solvency 2’, the proposed harmonised European approach to insurer supervision intended to be introduced between three and five years hence. The Committee of European Insurance and Occupational Pensions Supervisors has now met under its Danish chairman and a working party including FSA representation has been established to take the project forward. John Tiner hoped that current UK developments could in some ways be a model for what ‘Solvency 2’ should look like!