Post-Brexit UK inquiry into commercial insurance regulation opens

The UK’s House of Lords Industry and Regulators Committee has today opened its inquiry into the regulation of the commercial insurance and reinsurance market.

The Committee will explore whether regulatory policy is well-designed and proportionately applied and the possibilities for improving regulation following Brexit.

The inquiry will also consider the roles of the Bank of England and Financial Conduct Authority and assess the effect of regulation on customers and the market’s global competitiveness.

In the first evidence session the Committee will hear evidence from industry representatives to ask them how they see the future of commercial insurance and reinsurance regulation. Giving evidence to the Committee will be Christopher Croft, CEO, London & International Insurance Brokers’ Association (LIIBA) and Caroline Wagstaff, CEO, London Market Group.

Areas the Committee will cover with the witnesses include:

  • The size and significance of the insurance and reinsurance market relative to the wider UK financial sector.
  • Whether regulation of the industry in the UK is proportionate and how it can be improved.
  • Whether UK regulation in the sector encourages or discourages innovation.
  • Given the influence of Solvency II on worldwide insurance regulation is the UK, despite Brexit, still largely dependent on EU regulation policy in setting the climate for insurance regulation in this country? Would the insurance industry like to see regulation in the UK move away from policies in the EU?
  • Whether regulation has caused insurers to base themselves outside the UK and whether a requirement on regulators to support UK competitiveness in the international insurance market would be of benefit.

The Committee is inviting written evidence to this inquiry until 11 February 2022. Further details including how to submit evidence are available here: Inquiry launched into commercial insurance and reinsurance market – Committees – UK Parliament

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