FSA gives industry two years to sort out contract certainty
John Tiner, Financial Services Authority chief executive, last night called for the insurance industry to change its handling of commercial insurance contracts. Speaking in New York he told his audience that the FSA wants to see the end of the practice of "deal now, detail later", which has led to estimates of several hundred thousand outstanding policy wordings across the insurance market. This lack of certainty at the time of signing commercial contracts creates risk for policyholders, insurers and brokers.
He added: "As the FSA prepares to take on regulatory responsibility for insurance mediation, we challenge the London Market – the underwriters, the brokers, the infrastructure providers and theOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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