FCA consults on reporting requirements for General Insurance firms

The FCA is inviting views on proposals to require firms to report certain value measures data on a wide range of GI products.

This consultation follows the identification of issues of poor value in the GI market, and a pilot trialed in 2016 involving reporting requirements and publication of the resultant data sets.

Under the proposals, in most cases, the reporting obligation would fall on the insurer underwriting the product.  Other issues under consultation include the proposal to provide for annual reporting, and the thresholds below which firms would not be required to report.

The consultation closes on 30 April 2019.