The Financial Services Authority (FSA) has recently appointed Ken Hogg as Director of Insurance Sector. Mr Hogg, who was due to start his new role at the FSA this week, has a strong actuarial background and has previously been employed as interim Chief Financial Officer at MGM Assurance, Chief Operating Officer at AIG Life before which he spent 20 years working for AEGON.
The Insurance Sector (IS) is responsible for leading the FSA's work within the insurance industry and is the focal point for all external stakeholders.
The IS covers issues affecting nearly 800 regulated entities including, amongst others, life insurance, general insurance, reinsurance and composite firms, and, since 2005, insurance brokers operating in the wholesale market. Its aim is to identify insurance risks and to co-ordinate efforts to mitigate such risks. Therefore, the IS works closely with other industry supervisory teams.
The IS team also monitors and reviews FSA requirements and policies to the extent that they influence the insurance industry.