The U.K.'s Financial Services Authority (FSA) announced that it has "put on hold its work to develop rules to bring about contract certainty in the insurance market." The U.K.'s insurance community applauded the decision as an endorsement of its own efforts to achieve compliance with the FSA's directives by December 2006.
Speaking at the FSA's Insurance Sector Conference on Monday, March 20 – the date set for the decision - John Tiner FSA CEO, "acknowledged the progress made by the insurance market in meeting the FSA's challenge to achieve contract certainty. The challenge to end the 'deal now, detail later' approach was issued to the market in December 2004."
In an interview last week Dane Douetil, CEO of Brit Plc and Chairman of the Market Reform Group, said he was "confident, but not complacent" that the market would be able to produce appropriate guidelines within the time frame set by the FSA. He noted that the Reform Group is dedicated to producing "clear and unambiguous policy wordings," and that all of the Lloyd's Syndicates were now working together to "achieve that goal."
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