The House of Lords Industry and Regulators Committee will take evidence from leading academics on insurance law as it explores the role of regulation in post-Brexit operating environment on the UK commercial insurance and reinsurance market.
The session will explore the legal and policy framework that structures the London Market and how that has changed now the UK has left the European Union.
The evidence session will start at 10.30am today (1 February). Giving evidence to the Committee will be Dr Franziska Arnold-Dwyer, senior lecturer in Insurance Law, Queen Mary University of London and James Davey, professor of Insurance and Commercial Law, University of Bristol
Questions the Committee will cover with the witnesses include:
- How regulation of the London Market could improve and what examples there have been of sub-optimal regulation.
- How proportionality in insurance market regulation can be applied and whether the key factors are the size of the firm, the nature of their activities, the risks they pose to the wider market or a combination of those factors.
- How far regulation in the UK encourages or discourages innovation.
- The extent to which there is an appetite for regulatory reform post-Brexit.
- Why the financial services industry rarely applies for judicial review of regulatory decisions in comparison with other sectors.
- Should regulators be tasked with promoting the competitiveness of the UK market?
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