Sign-off requirements
In 2017, we sought feedback on proposals to change the signatories and sign-off process for insurer data returns. As a result of the feedback we received, we made the following changes:
- a 'relevant officer' – chief executive officer, chief financial officer or appointed actuary – will be required to sign off the quarterly insurer survey
- 'appropriate enquiries' will be defined to include internal sign-off by functions contributing to the returns.
The reason for the change
Our proposal to change the signatories and sign-off process for insurer data returns was aimed at ensuring:
- insurers had appropriate internal functions for producing data returns
- management of each insurer was accountable for the information submitted in the quarterly insurer return.
The letter below to insurers sets out the background, our proposals and a summary of the feedback we received. As this was not a formal consultation, we did not publish individual submissions.
Read the letter to insurers on signing off insurer data returns (PDF 404 KB)
Our proposal was part of a wider, ongoing project related to improving the quality of information collected through insurer data returns.