The FSA has published issue 13 of its General Insurance newsletter. In this issue of the newsletter the FSA briefly reports on:
- Progress made on the Treating Customers Fairly initiative.
- Consultation Paper on Proposals for Insurance: Conduct of Business (ICOB) sourcebook.
- Update on the Retail Distribution Review.
- Regulation of travel insurance.
- Contract terms: statutory rights.
- Schemes of arrangement for insurance companies.
- Including goodwill within capital resources - countdown to 14 January 2008.
- Client money - non-statutory trusts and Scottish Law.
- The creation of a new insurance firm - The London Authorities Mutual Limited.
In the newsletter the FSA reminds firms that on 14 January 2008, the transitional arrangements allowing the value of goodwill to be included when calculating capital resources of insurance brokers will end. Firms conducting insurance mediation or mortgage activities will then have to meet the capital resources requirement after deducting goodwill when working out their capital resources. To assist firms the FSA has added some Frequently Asked Questions to the insurance section of the small firms’ web pages on its website.
View General Insurance newsletter - issue 13, (PDF 71.5KB), 13 August 2007