UIA Insurance News

ABI response to new EC insurance regulation

The Association of British Insurers (ABI) has backed new legislation brought in by the European Commission (EC) to bolster the regulatory practices for financial supervision of home and travel insurance providers.

Companies will be placed under increased scrutiny in the future as the EC looks to avoid any repeat of the present financial difficulties being felt as a result of the credit crunch.

"It will provide consistency across Europe, something desperately needed by companies which operate across national boundaries. The commission has added substance to the proposals of Jacques de Larosiere, published earlier this year," comented Peter Vipond, the ABI's director of financial regulation and taxation.

Meanwhile, the British Insurance Brokers' Association recently warned of the risks of cancellations to travel insurance cover because an individual has not carried out their responsibilities when looking to enter another country, such as arranging a valid visa to visit the US.

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