Insurance industry unready for FSA regulations, claims survey

On 14 January, new Financial Services Authority (FSA) regulations governing the general insurance industry came into effect. However, 96% of senior management within the industry believe "many firms" were unable to fully comply with the rules in time for the deadline, according to a survey by Docucorp, a provider of information solutions.The survey of more than 200 general insurers and brokers revealed a prevailing view within the industry that large numbers of firms were going to be authori