Consultation on strengthening the administration regime for insurers

26 MAR 2010

The Treasury have published a consultation document which seeks views on "Strengthening the administration regime for insurers...". See here. The report notes:
"This consultation seeks views on Government proposals to improve the protection and payment
of benefits for holders of insurance contracts with an insurer facing financial difficulties, in
particular addressing gaps in protection that remain in the administration regime for insurers in
comparison to the liquidation regime. The Government proposals include:

  • applying the existing rules for valuing contracts of insurance in liquidation to
    administration; and
  • revising the objectives of an administrator of an insurance company, by:
    • changing the law to require administrators to provide assistance to the FSCS to
      enable it to administer the compensation scheme and secure continuity of
      contracts of insurance; and
    • applying existing powers relating to continuity of contracts of long-term
      insurance on the liquidation of an insurer to administration."
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