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Parliament launches inquiry into regulation of London Insurance Market

uk parliament in london


The Industry and Regulators Committee publishes a call for evidence for its new inquiry into commercial insurance and reinsurance regulation and is inviting written evidence from interested individuals and organisations by 11th February 2022.

Background

The House of Lords Industry and Regulators Committee is today (17 January 2022) launching an inquiry into the regulation of the London Market – the UK’s commercial insurance and reinsurance market.

These markets, focused on commercial and wholesale speciality risks, are world-leaders and its services are some of the City of London’s major exports.

The Committee will explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following Brexit.

The inquiry will consider the roles of the Bank of England and Financial Conduct Authority and the appropriateness of regulation – the content of regulations as well as their implementation and application by regulators – relative to the risks posed by the London Market.

The Committee will also assess the effects of regulation on customer interests and the market’s global competitiveness. The Committee will conduct a short inquiry, with a small number of public evidence sessions; written submissions should therefore serve as standalone items.

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Questions

The Committee’s call for evidence asks 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?



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