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1684638

	registered interest
	date	23/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government, further to the announcement in the Autumn Statement 2023, published in November 2023 (CPP 977), that "the government will consult on the design of a new framework for encouraging the establishment and growth of captive insurance companies in the UK", whether they have plans for captive insurers to be automatically treated as low-risk undertakings.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL1867
	answer	answer is ministerial correction date of answer 06/02/2024 answer text <p>In Spring this year, the Government will publish a consultation on the design of a new UK regime for captive insurance companies.</p><p> </p><p>The consultation will test views on proposals to introduce an attractive and competitive new UK captive insurance regime that works for businesses. Key to this will also be proportionate regulation that maintains the UK’s high regulatory standards.</p> answering member printed Baroness Vere of Norbiton question first answered 06/02/2024 12:28:04 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1587880

	registered interest
	date	21/02/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has had recent discussions with insurance providers on taking steps to ensure that they meet the requirements set out in the Financial Conduct Authority policy statement entitled Increasing transparency and engagement at renewal in general insurance markets – feedback on CP15/41 and final rules and guidance, published in August 2016, reference PS16/21.
	tabling member constituency	Warrington North
	tabling member printed	Charlotte Nichols
	uin	149674
	answer	answer is ministerial correction date of answer 27/02/2023 answer text <p>Treasury ministers frequently meet representatives of insurance providers, where topics of conversation include increasing transparency and engagement around insurance policy renewals. The Government welcomes progress in this area, including the more recent rules in the Financial Conduct Authority’s policy statement 21/5 which require that firms offer a renewal price that is no greater than the equivalent new business price for a new customer, as well as providing customers with a range of options to stop their policy from auto-renewing.</p><p> </p><p>When the Financial Conduct Authority becomes aware of individual firm failings it follows up with those firms appropriately. It does not have evidence to suggest widespread non-compliance with these rules.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 27/02/2023 11:09:16 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4799 label Biography information for Charlotte Nichols

1287368

	registered interest
	date	19/02/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of trends in the insurance sector's level of compliance with their terms of cover and obligations with respect to claims made by consumers in the last 12 months.
	tabling member constituency	Ealing Central and Acton
	tabling member printed	Dr Rupa Huq
	uin	155261
	answer	answer is ministerial correction date of answer 24/02/2021 answer text <p>The Financial Conduct Authority (FCA) is the independent non-governmental body responsible for regulating and supervising the financial services industry. The FCA’s rules require insurers to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed. In addition, the FCA has said that, in light of COVID-19, insurers must consider very carefully the needs of their customers and show flexibility in their treatment of them.</p><p> </p><p>The Government is working closely with the FCA to ensure that the rules are being upheld during this crisis and fully supports the regulator in its role.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/02/2021 14:21:25 answering member 4051 label Biography information for John Glen
	tabling member	4511 label Biography information for Dr Rupa Huq

1176323

	registered interest
	date	05/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what progress the Financial Conduct Authority has made in directing consumers with pre-existing and historical medical conditions to the most appropriate insurance providers.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	12843
	answer	answer is ministerial correction date of answer 10/02/2020 answer text <p>On 5 February, the Financial Conduct Authority (FCA) published new rules and guidance to improve access to travel insurance for all consumers with medical conditions.</p><p> </p><p>Included within the FCA’s rules is a requirement for firms to signpost consumers to specialist providers if they are declined cover, offered cover with an exclusion, or charged a significantly higher premium based on their medical condition.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/02/2020 12:30:47 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

1176463

	registered interest
	date	05/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Treasury Select Committee's inquiry, consumers’ access to financial services, launched on 9 November 2018, what steps he plans to take to ensure that people with existing medical conditions have access to insurance after the transition period.
	tabling member constituency	Leicester South
	tabling member printed	Jonathan Ashworth
	uin	12910
	answer	answer is ministerial correction date of answer 13/02/2020 answer text <p>On Wednesday 5 February, the Financial Conduct Authority (FCA) published new rules and guidance to improve access to travel insurance for all consumers with medical conditions</p><p> </p><p>Included within the FCA’s rules is a requirement for firms to signpost consumers to specialist providers if they are declined cover, offered cover with an exclusion, or charged a significantly higher premium based on their pre-existing medical condition.</p><p> </p><p>In addition, the Government has legislated to ensure that all UK insurance policies with EU insurance companies can continue to be serviced by those EU companies after Brexit, notably with a Temporary Permissions Regime (TPR) for EEA firms currently passporting into the UK. This allows EU firms to continue operations in the UK for a time-limited period at the end of the transition period while they apply for full UK authorization, while the Financial Services Contracts Regime allows for the orderly wind down of the UK regulated activities of remaining firms who do not enter the TPR.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 12908 12909 question first answered 13/02/2020 12:09:30 answering member 4051 label Biography information for John Glen
	tabling member	4244 label Biography information for Jonathan Ashworth

1147572

	registered interest
	date	01/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of to Question 291263, what steps (a) his Department and (b) the FCA have taken to ensure that insurers are aware of their responsibility to inform consumers of changes to the way their policies are serviced in the event that the UK leaves the EU without a deal.
	tabling member constituency	Vale of Clwyd
	tabling member printed	Chris Ruane
	uin	292844
	answer	answer is ministerial correction date of answer 07/10/2019 answer text <p>HMT has been assessing the risk that a small minority of insurance payments from UK insurers into the EU may be delayed. While HMT is responsible for setting the policy direction, it is the role of the independent regulator – the Financial Conduct Authority (FCA) – to engage with industry and test firm planning.</p><p> </p><p>The FCA has made it clear to insurers and insurance intermediaries that they should have appropriate plans in place to manage a no-deal exit, this should include plans to communicate with consumers should there be a change in the way their policy is serviced. The FCA expects firms to continue to service all their customers as fully and fairly as the law permits, including what regulatory protections will apply for their customers. The FCA has delivered these messages through a combination of direct contact with firms, senior leadership speeches, dedicated Brexit pages on its website, and trade association events.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 07/10/2019 13:47:45 answering member 4051 label Biography information for John Glen
	tabling member	534 label Biography information for Chris Ruane

1146669

	registered interest
	date	26/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to Operation Yellowhammer HMG Reasonable worst case planning assumptions paragraph 16, what estimate he has made of the proportion of insurance payments from UK insurers into the EU which would be delayed in the event of the UK leaving the EU without a deal; and what estimate his Department has made of the potential length of any such delays.
	tabling member constituency	Vale of Clwyd
	tabling member printed	Chris Ruane
	uin	291263
	answer	answer is ministerial correction date of answer 01/10/2019 answer text <p>As the question notes, HMG’s Operation Yellowhammer planning assumptions are not a prediction, but a reasonable worst-case scenario. The specifics on the length and proportion of affected policies would depend on each individual case – by definition, any delays would relate to exceptional cases which therefore cannot be estimated.</p><p> </p><p>However, substantial progress has been made towards mitigating this risk. The Bank of England’s Financial Stability Report shows that UK insurers’ actions in restructuring their business have made good progress towards being able to service the majority of their £61 billion of EU liabilities after Brexit - £56 billion of this liability is expected to be addressed by 31 October. Temporary regimes announced by EU states are expected to further reduce the residual ‘at risk’ liabilities.</p><p> </p><p>The FCA expects insurers to let customers know if there will be any changes to the way policies are serviced after the UK leaves the EU. Information on gov.uk makes it clear that customers concerned about the status of their insurance policy should contact their provider.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/10/2019 15:17:12 answering member 4051 label Biography information for John Glen
	tabling member	534 label Biography information for Chris Ruane

1131004

	registered interest
	date	10/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that insurance companies do not unfairly discriminate against consumers with (a) historical and (b) current mental health conditions.
	tabling member constituency	Livingston
	tabling member printed	Hannah Bardell
	uin	262447
	answer	answer is ministerial correction date of answer 13/06/2019 answer text <p>The Government is determined that all insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules.</p><p> </p><p>The FCA has placed access and vulnerability at the core of the its Mission and Business Plan. For example, it is currently exploring options for signposting consumers with pre-existing and historic medical conditions, such as mental health conditions, to specialist travel insurance providers so that these consumers are better able to access suitable insurance.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2019 13:27:04 answering member 4051 label Biography information for John Glen
	tabling member	4486 label Biography information for Hannah Bardell

1122493

	registered interest
	date	23/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to protect consumers from the loyalty penalty in the insurance market.
	tabling member constituency	Newcastle upon Tyne North
	tabling member printed	Catherine McKinnell
	uin	246522
	answer	answer is ministerial correction date of answer 30/04/2019 answer text <p>The Financial Conduct Authority (FCA) sets the conduct standards which insurance firms are required to meet so that consumers are treated fairly. The Government is committed to ensure that the insurance industry functions well for everyone and welcomed the launch of the FCA’s General Insurance Pricing Practices Market Study. We expect the FCA will report its interim findings in Autumn 2019. As part of this study, the FCA will consider all potential remedies that may be required to make the market work well for consumers. The Government is monitoring the outcomes of this Market Study closely and will engage with the FCA on the appropriate action that is required.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/04/2019 16:09:15 answering member 4051 label Biography information for John Glen
	tabling member	4125 label Biography information for Catherine McKinnell

101698

	registered interest
	date	29/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment have they made of the fees and charges levied by the insurance industry.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL2520
	answer	answer is ministerial correction date of answer 10/11/2014 answer text <p>Decisions regarding the pricing of insurance products, including fees and levies charged are commercial decisions for individual insurers and the Government does not seek to intervene in these decisions. However, the Government is determined that customers should be treated fairly. The Financial Conduct Authority regulates the conduct of the insurance industry and requires firms to disclose information on fees to be paid for insurance products.</p><p> </p><p> </p><p> </p><p>As part of the Government’s automatic enrolment reforms, measures have recently been put forward to cap fees for workplace pensions to 0.75 per cent so that pensions savings are invested in value for money schemes.</p><p> </p> answering member printed Lord Deighton question first answered 10/11/2014 18:04:02 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark