FSA acts to tighten assurers' solvency reports

UK - The Financial Services Authority plans to tighten rules that were used by Equitable Life, the troubled mutual life assurer, to bolster its reported financial strength.

The City watchdog said it wanted to increase the transparency of the process that allows life assurers to include so-called "implicit items" - such as future profits - when calculating their solvency position for regulatory purposes.

The Baird report into the FSA's regulation of Equitable - conducted by the watchdog's direct

To continue reading...