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Speech: FSA supervision managing director Jon Pain - Our approach to insurance supervision

( March 18, 2010, 17:30 GMT | Official Statement) -- MLex Summary: The UK Financial Services Authority sees signs that some insurers are relaxing controls on underwriting and using reserves to boost their accounts, among other risks becoming more evident, the agency's managing director for supervision said. Heightening scrutiny on insurance, the regulator plans to review the design of products before they are offered to customers, Jon Pain said. The official warned firms not to put off preparations for Solvency II capital rules, especially on pre-application processes for approval of capital plans. He said the FSA also is stepping up stress-testing.Insurance Sector Conference...

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