Good morning Ladies and Gentlemen. I am delighted to see so many of you here today, at what will be my last opportunity to address the Annual Insurance Sector Conference, in my capacity as CEO of the FSA. The UK insurance industry continues to play a vital role, not just to the well-being of the domestic economy, but also to the international capital markets. But in today’s world of financial innovation, social, and climatic change, the need for the insurance industry to adapt is paramount, to ensure that it fully understands and manages the risks to which it is exposed and that UK consumers are adequately protected. Therefore, today's programme centres not only on the challenges to our domestic agenda but looks further afield to the impact of changes in the global market. I hope in setting our agenda for today we have focused on the areas that are of most importance to you.
I would like to concentrate my remarks this morning on our emerging regulatory approach – principles-based regulation – and some observations of how this is developing in the insurance industry. Before I close I would like to touch on how this approach is helping us influence the shape of Solvency 2.
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