General Insurance Value Measures
An explanation of shareholder value.
General insurance value measures. I am writing in response to this consultation paper on behalf of the association of financial mutuals. Given the scope of the fca s proposals within the cp our general insurance standards and. We continue to believe that value measures are necessary to help us ensure that consumers get value from gi products. Please see our page on coronavirus information for firms for further updates.
The financial conduct authority fca has announced that it will force the regular reporting of value measures data by q1 2021. 1 2 terms of reference the working party planned to cover. Firms would be required to report general insurance value measures data under the new rules. As part of its business plan for general insurance which published this morning the fca said that based on feedback from the open consultation it started in january it plans to publish a policy statement in q3 2019.
Previously the fca found poor value in the general insurance gi market. On 30 january 2019 the fca published general insurance value measures reporting cp19 8 in cp19 8 the fca proposes to require firms to report general insurance gi value measures data to the fca for publication the fca proposes to introduce these measures to address poor product value and quality and reduce the risk of sales of unsuitable gi products. General insurance value measures reporting. The objective of the working party is to provide an insight into shareholder value measures in a general insurance company.
Participating insurers have reported their value measures data to us from three areas. We received feedback from 36 respondents which gave us important insights into our proposals. In january 2019 we consulted on proposals requiring firms to report general insurance gi value measures data to the fca for publication. Ifoa response to cp19 8.
Alongside the consultation paper the fca has also published a third annual value measures dataset covering the year to august 2018. The institute and faculty of actuaries ifoa welcomes the opportunity to respond to the fca s consultation paper cp on general insurance value measures reporting. On 30 january 2019 the fca published a consultation paper cp19 8 containing proposals to require firms to report general insurance gi value measures data to the fca for publication. In october 2019 we launched the fourth general insurance gi value measures pilot.
The publication of the value measures pilot data has been delayed. Possible measures for monitoring shareholder value both internal and external to a general insurer. Afm response to cp19 8 general insurance value measures reporting 1 toby stubbs financial conduct authority 12 endeavour square london e20 1jn 29 april 2019 dear toby afm response to fca cp19 8 general insurance value measures reporting 1.
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