The Association of British Insurers (ABI) has asked general insurers about their experience of implementing individual capital adequacy standards since the UK regulator’s new regime came into effect in January last year.

The ABI has also asked insurers how well the Financial Services Authority (FSA) conducted its review of the implementation of the standards.

ABI Director of Financial Regulation and Taxation Peter Vipond says insurers need improved feedback from the FSA.

The results also showed 65% of insurers use their standards for fundamental business decisions, and 95% also use it for day-to-day management decisions.

Mr Vipond says firms would like meetings with the FSA earlier in the process and seek a greater opportunity to discuss and resolve any FSA concerns.

“Where the FSA believes that the firms’ level of capital needs adjustment, firms would like the opportunity to discuss this decision with the FSA.”