Group calls ILS regulatory system ‘a failure’

In a report by the Regulatory Reform Group, Conservative Party members have called for greater parliamentary accountability of regulators, citing insurance-linked securities rules in the country as an example of regulatory failure, Artemis reported. The report deems the approach of the regulators to develop an ILS market and foster ILS issuance activity in the country as unfit for the purpose. It adds that while regulators made significant efforts to set up the ILS regime, sluggish approval processes and uncertainty meant crucial financial benefits went unrealized.