Select committee: Industry and Regulators Committee
Commercial insurance and reinsurance regulation
Closed
Opened 14 Jan 2022
Closed 28 Apr 2022
Industry and Regulators Committee Inquiry on parliament.uk ↗
Inquiry scope (the committee's words)
The House of Lords Industry and Regulators Committee is launching an inquiry into the regulation of the London Market – the UK’s commercial insurance and reinsurance market. 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.
Where it stands
The inquiry is closed, opened 14 January 2022.
The committee has not published a report yet.
Evidence
- 6 oral evidence sessionsLatest 31 March 2022
- 14 witnesses
Recent activity
- Letter from John Glen MP, Economic Secretary to the Treasury to Lord Hollick on commercial insurance and reinsurance regulation, 28 April 202213 June 2022, Correspondence
- Letter from Lord Hollick to Economic Secretary, John Glen MP on commercial insurance and reinsurance regulation, 6 April 20226 April 2022, Correspondence
- Oral evidence session31 March 2022, Oral evidence
Oral evidence sessions
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| Date | Session and witnesses | Source |
|---|---|---|
| 31 Mar 2022 |
Oral evidence session
John Glen MP · HM Treasury
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| 15 Mar 2022 |
Oral evidence session
David Sansom · Lloyd's,
Malcolm Newman · SCOR,
Richard Dudley · Aon,
Sean McGovern · AXA XL
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| 8 Mar 2022 |
Oral evidence session
Anna Sweeney · Bank of England,
Matt Brewis · Financial Conduct Authority,
Sam Woods · Prudential Regulation Authority,
Sheldon Mills · Financial Conduct Authority
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| 1 Mar 2022 |
Oral evidence session
Robert Childs · Hiscox
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| 1 Feb 2022 |
Oral evidence session
Dr Franziska Arnold-Dwyer · Queen Mary University of London,
Prof James Davey · University of Bristol Law School
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| 25 Jan 2022 |
Oral evidence session
Caroline Wagstaff · London Market Group,
Christopher Croft · London & International Insurance Brokers’ Association
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Who gave evidence
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| Witness | Organisation | Sessions |
|---|---|---|
| Anna Sweeney · Executive Director of Risk, Operations, and General Insurance | Bank of England | 1 |
| Caroline Wagstaff · CEO | London Market Group | 1 |
| Christopher Croft · Chief Executive | London & International Insurance Brokers’ Association | 1 |
| David Sansom · Chief Risk Officer | Lloyd's | 1 |
| Dr Franziska Arnold-Dwyer · Senior Lecturer in Insurance Law | Queen Mary University of London | 1 |
| John Glen MP · Economic Secretary | HM Treasury | 1 |
| Malcolm Newman · Managing Director EMEA Hub | SCOR | 1 |
| Matt Brewis · Director, General Insurance and Conduct Specialists | Financial Conduct Authority | 1 |
| Prof James Davey · Professor of Insurance and Commercial Law | University of Bristol Law School | 1 |
| Richard Dudley · Global Head of Climate Strategy | Aon | 1 |
| Robert Childs · Non Executive Chairman | Hiscox | 1 |
| Sam Woods · CEO | Prudential Regulation Authority | 1 |
| Sean McGovern · CEO | AXA XL | 1 |
| Sheldon Mills · Executive Director of Consumers and Competition | Financial Conduct Authority | 1 |
Correspondence
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| Published | Direction | Letter |
|---|---|---|
| 13 Jun 2022 | To committee | Letter from John Glen MP, Economic Secretary to the Treasury to Lord Hollick on commercial insurance and reinsurance regulation, 28 April 2022 |
| 6 Apr 2022 | To committee | Letter from Lord Hollick to Economic Secretary, John Glen MP on commercial insurance and reinsurance regulation, 6 April 2022 |