LONDON (Bloomberg) ? Britain?s Financial Services Authority will ?speed up? authorising new insurers, including Lloyds of London companies, following natural disasters and other ?times of pressure?.

FSA chief executive John Tiner, speaking at the regulator?s annual insurance conference in London, said the auhtority would shorten the approval time to one month from 17 weeks when it is familiar with the company, Tiner said.

Following the costliest year for natural disasters on record, insurers have been boosting capital in Bermuda to take advantage of a market that charges no corporate tax and is more loosely regulated than the UK.

Tiner also said Lloyd?s of London and other UK insurers are confirming coverage of business liabilities in a more timely manner, precluding the need for government intervention.

?There is no doubt the market has made good progress,? he said, adding the FSA is is putting the matter on ?the back-burner, although we are not taking it off the stove altogether?.

The regulator said in December, 2004 it was giving UK insurers two years to end the ?deal now, detail later? approach that often left businesses to wonder exactly which risks were covered by their insurance policies.