Lamport Bassitt Solicitors - Legal News - Any new insurance regulations must be "appropriate"


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Any new insurance regulations must be "appropriate" Any new regulatory regime imposed on the insurance intermediary industry must be "appropriate", it has been suggested. According to Eric Galbraith, chief executive officer of the British Insurance Brokers' Association (Biba), it is "essential" that the new system is proportionate and cost-efficient. In addition, UK insurance intermediaries must not be placed at a competitive disadvantage compared to their counterparts elsewhere in Europe. He made his comments in reference to the publication of a recent clarification by shadow chancellor George Osborne, who promised to move cautiously in dismantling the Financial Services Authority if his party comes to power. Mr Galbraith said: "The insurance intermediary sector is vital; it provides professional advice to businesses and individuals and plays a key role in the identification, measurement, management, control and transfer of risk." Representing the interests of insurance brokers, intermediaries and their customers, Biba has a membership of around 1,700 firms involved in the industry. Related Articles: 24/12/2010 - Older drivers 'safest in poor weather' 17/12/2010 - HSE launches web tool for risk assessments 5/10/2010 - New asbestos ruling over mesothelioma disease 20/9/2010 - Theft affects one in eight students yearly 16/9/2010 - Students being 'careless with money' More Insurance Law News