Tripartite dialogue key to achieving new contract certainty deadline

Allianz Global Risks UK is promoting its own roadmap to contract certainty, involving the positive adoption of tripartite relationships. David Hall, director of Client & Broker Relationships at Allianz Global Risks UK, outlines how it believes the insurance industry could fall short of the Financial Services Authority’s demand for contract certainty if there is not widespread commitment to this key strategy

The Financial Services Authority (FSA) became the regulator for the general insurance industry towards the end of 2004. One of the first challenges it set the industry was to achieve contract certainty across all insurance lines by January 2007. A timetable for voluntary compliance was agreed and just over one year on the FSA is due to publish its mid-term stocktake report on the delivery of contract certainty at the end of February 2006.