FSA appoints Insurance Sector director

The Financial Services Authority (FSA) has announced the appointment of Ken Hogg as Insurance Sector director.

Mr Hogg, who is currently interim chief financial officer at MGM Assurance, will take up his new post on Monday 6 July, succeeding Sarah Wilson.

He will report to the FSA’s managing director retail markets, Jon Pain, and lead a team that represents the regulator in its dealings with insurers and a range of external stakeholders.

Its brief is to identify and resolve industry-wide insurance issues which may pose a risk to the FSA’s objectives.

In addition to his role at MGM Assurance, Mr Hogg has served as chief operating Officer at AIG Life and previously spent 20 years with AEGON.

The appointment has been welcomed by Mr Pain who says: “Ken has a wide and extensive experience of the insurance industry with a particularly strong actuarial background.”

In related news, FSA chairman Lord Turner last week warned the insurance sector that Mortgage Payment Protection insurance could become of concern to the regulator during the economic downturn.

Speaking at the Association of British Insurers’ London conference he observed that with the likelihood of unemployment-related claims increasing “some insurers are responding by increasing premiums or reducing cover for existing policyholders”.

Firms were told that this is an area where they must expect FSA intervention to address “poor consumer outcomes”.

Source: Insurance Daily