The U.K.’s Chartered Insurance Institute has released a new “qualification coursebook: ‘Risk, regulation and capital adequacy,'” aimed at helping insurance companies’ efforts to comply with impending regulation by the U.K.’s Financial Services Authority (FSA).
“The FSA assumes full regulatory control of the general insurance market as of 14 January 2005,” said the CII. “The coursebook has been conceived and written specifically to address the FSA’s risk-based approach to regulation.
“The coursebook supports the CII’s new examination unit, ‘Risk, regulation and capital adequacy’.” The CII also noted: “This paper is compulsory for those sitting the Advanced Diploma in Insurance. It replaces the ‘Risk and insurance’ unit with effect from the April 2005 examination session.”
CII Director General Dr. Sandy Scott commented: “How companies manage risk at the corporate level, in particular with regard to capital adequacy and the development of regulatory capital requirements, is a critical issue. This coursebook book will be an invaluable tool to help insurers and reinsurers get to grips with the FSA’s requirements. It will encourage the highest standards of competency and propel organisations towards full compliance with the new regime.”
‘Risk, regulation and capital adequacy’ can be purchased from the CII at a cost of £65 for CII members (£75 non-members).
The CII is also offering learning and revision courses on the practical aspects of capital adequacy at the Lloyd’s Training Centre. Details of these courses are available via the CII Web site: (www.cii.co.uk) or by calling CII Customer Service on 020 8989 8464.
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