Source: News - Insurance regulation costs £400m
Regulation of the general insurance industry, tesco finance car insurance last year, is costing 400m a year, the Association of British Insurers (ABI) has said.
The body said its members were having to pass on these costs to consumers in the form of higher premiums.
The ABI added that consumers now felt “bombarded” with reams of case est finance finance hill in in insurance irwin mcgraw real series information when buying insurance.
The Financial Services Zuerich insurance finance (FSA) is reviewing how effective its regulation of insurance has been.
“Many customers feel bombarded with information they do not want,” Stephen Hadrill, ABI director general, said.
“That deters them from searching out the best deal. Customers need principles-based regulation to ensure a competitive market that delivers a fair deal,” he added.
The FSA took over the regulation of general insurance in January 2005.
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