Regulatory Developments Top IUA’s Priorities for 2013
The London-based International Underwriting Association (IUA) said that two key regulatory developments are high on its list of priorities for 2013. The association will be tracking various initiatives aimed at converging international regimes for the supervision of re/insurance, and will also be seeking to ensure the UK’s new Financial Conduct Authority (FCA) acts proportionately towards the wholesale sector.
The IUA has drawn up a business plan that identifies key objectives for the coming 12 months. These also include helping to develop a new strategy for modernising business process in the London Market.
Representation and regulatory compliance work continues to be a prominent part of the IUA’s services to member companies, and 2013 will see the association monitoring the continued uncertainty and delay surrounding the EU’s new solvency regime for insurers, Solvency II, and preparing for the launch of the FCA and Prudential Regulatory Authority (PRA) in the UK.
IUA chief executive officer (CEO), Dave Matcham, said: “The IUA has strengthened its government affairs team this year in response to a growing demand from our members for information, guidance and a representative voice in many different areas of regulation and compliance.
“In 2013 we will be working with the FCA and PRA and hope to see cooperation between the two bodies at all levels that will ensure the regulatory burden placed on companies is reasonable, cost-effective and fair.
“Elsewhere discussions on global regulatory convergence and ideas on group supervision are important to our member companies, both in London and especially their parent organisations with whom we closely liaise.
“We will also continue to follow the progress of Solvency II. IUA members have invested heavily in preparing for the new regime. Given such expense it is essential that it fully delivers on its promise to promote financial stability and consumer protection and boost business opportunities across Europe.”