Business Services Industry
Clarify broker regulations.(Opinions)
Business Insurance, May, 2004
IT SEEMS ABSURD that regulations designed to protect consumers from rogue operators should actually be imposed on the consumers themselves. Yet that is what could happen under certain interpretations of the European Union's insurance broker regulations that are due to come into force next year.
The regulations, which were designed to harmonize the regulation of brokers throughout the European Union, require that intermediaries of insurance be licensed to ensure sufficient oversight of their activities. That, of course, is an admirable and necessary goal as the European Union evolves into a more cohesive whole. The problem is that some regulators, such as the Financial Services Authority in the United Kingdom, are refusing to say whether some risk managers...
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