Committee hears from industry groups on commercial insurance regulation
The Industry and Regulators Committee will hear from industry groups representing the London Market during the first session of its inquiry into commercial insurance and reinsurance regulation. The Committee will ask whether regulatory policy is well-designed and proportionately applied to the sector, focusing on the content, implementation and application of regulations by the Prudential Regulation Authority and Financial Conduct Authority. The Committee will also consider the effects of regulation on customer interests and the market’s global competitiveness.
Possible questions include:
- What improvements could be made to the UK’s regulation of the London Market?
- Is there scope and appetite for changes to insurance regulation post-Brexit?
- What is the effect of the UK’s approach to insurance regulation in encouraging or discouraging innovation?
- Should an objective to promote the competitiveness of the UK be added to regulators’ remits?