Specialty Insurers Urge Watchdogs To Adopt Specific Rules

Law360, London (June 7, 2021, 4:43 PM BST) -- Britain's financial regulators should adopt a more proportionate approach to regulating insurers to boost the competitiveness of the domestic market after Brexit, a trade body for the sector said on Monday.

The London Market Group, a trade body for specialist insurance providers, called for a regulatory framework that recognizes the specific features of insurance businesses that provide cover for large and complex risks, such as insuring an aviation fleet or sea cargo. Regulators such as the Financial Conduct Authority currently use inflexible regimes that constrict specialty insurers, the group claims.

"The FCA makes almost no distinction in the way it supervises...

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