The regulation of the UK’s commercial insurance and reinsurance market is the subject of an inquiry by the House of Lords Industry and Regulators Committee.
The Committee has published a call for evidence for its inquiry into the London Market, which is focused on commercial and wholesale speciality risks.
The purpose of the inquiry is to “explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following Brexit.”
It will look at the roles of the Bank of England and the Financial Conduct Authority (FCA) and the appropriateness of regulation relative to the risks posed by the London marketplace. This will include the content of regulations and also their implementation and application.
Additionally, the Committee will evaluate the influence of regulation on both customer interests and the market’s global competitiveness.
The role of the Industry and Regulators Committee is to consider matters relating to industry, including the policies of the government to promote industrial growth, skills and competitiveness, and to scrutinise the work of regulators in the UK.
The deadline for written submissions is Friday February 11th, 2022.