Insurers are showing discontent

The Financial Services Authority (FSA) has informed insurers that the contributions due by the British financial institutions will be rising by 9.9%. Henceforth, they will attain 457 million GBP (706 millionUSD) in 2010. FSA justifies this move by the need to hire 460 employees, among whom a hundred will be assigned to Solvency II management. According to FSA forecasts, Solvency II is likely to cost 150 million GBP (231 million USD). The Association of British Insurers has contested this increase which is added to that of 36% introduced in 2009.