The House of Lords Industry and Regulators Committee has launched an inquiry into commercial insurance and reinsurance regulation. The Committee will explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following Brexit.
Evidence should be submitted by 11 February 2022.
The call for evidence requests answers to the following questions:
- Is the UK regulatory framework appropriate for the commercial insurance and reinsurance sectors?
- To what extent do the Bank of England and Financial Conduct Authority apply and interpret regulatory policy in these areas in a proportionate manner and strike the right balance between regulation and competitiveness?
- How do the activities of the UK’s financial regulators affect the ease of carrying out commercial insurance and reinsurance business in the UK? What impact does this have on the availability and cost of insurance cover in the UK?
- What is the status of the London Market’s global competitiveness, and how is this impacted by different regulatory approaches in other territories?
- What improvements could be made to the regulation of commercial insurance and reinsurance in a post-Brexit context?
The committee aims to conduct a short inquiry with limited number of public evidence sessions. The inquiry will assess the effects of regulation on consumer interests as well as the market’s global competitiveness.
View: House of Lords Industry and Regulators Committee launches an inquiry into the regulation of the London Market