The Association of British Insurers has issued a draft industry guide for its members – “a Guide to the ICA Process for Insurers” – for their consultation. The Guide complements the FSA’s proposals on Individual Capital Adequacy (ICA), contained in chapter 3 of CP 06/16, which set out key standards and desired outcomes.
The ABI said it “provides practical advice to companies in developing their ICA submission. It has been prepared by the ABI, in conjunction with Lloyd’s, the LMA and the IUA, and in close co-operation with the FSA.”
Peter Vipond, ABI Director of Financial Regulation and Taxation commented: “This is a good illustration of how principles-based regulation is anticipated to work in practice and of the FSA and the industry working well together to achieve the right result: the FSA defines key principles and outcomes, the industry guide provides practical advice on how firms may apply those principles and achieve the key outcomes. The industry guide will help to complete the picture of the revised ICA framework.”
The ABI is seeking responses to the consultation by 31st October. The guide will be published in its final form in December. It will take effect at the same time as the FSA’s new rules and guidance, planned for 31st December 2006.
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