2006 lays the ground for potential reform in 2007

If you thought 2006 was a busy year in the development of insurance regulation, just wait until 2007. IR&A takes a retrospective look at the main events of the past year and finds that the agenda for 2007 is just as full with the potential for significant change in insurance regulation in the UK and the EC’s Solvency II project due to culminate in a proposal for a directive in the summer.

2006 was a key year in the changing nature of regulation, and insurance was at the fore-front of the shift in focus. The government’s better regulation initiative was taken up by the Financial Services Authority (FSA), leading to a review of the costs of regulation and a series of deregulation reforms that will underline the new principles-based regulatory approach.