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1665854

registered interest
date	18/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has had recent discussions with the Competition and Market Authority on the use of exclusive jurisdiction clauses by insurance companies.
tabling member constituency	Inverness, Nairn, Badenoch and Strathspey
tabling member printed	Drew Hendry
uin	203343
answer	answer is ministerial correction date of answer 23/10/2023 answer text <p>Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. The Government does not intend to intervene in these commercial decisions by insurers as this could damage competition in the market.</p><p> </p><p>However, insurers must treat customers fairly and are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including insurance firms. The FCA, as the independent regulator, also has a statutory objective to promote effective competition in the interests of consumers. The FCA work towards that objective, as far as the work is compatible with advancing their other objectives.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/10/2023 13:08:59 answering member 4874 label Biography information for Andrew Griffith
tabling member	4467 label Biography information for Drew Hendry

1490964

registered interest
date	20/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of taking steps to deter the practice of assignment of benefit only collection of premiums and avoiding liabilities by acquiring insurance companies.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	40811
answer	answer is ministerial correction date of answer 05/09/2022 answer text <p>The Financial Conduct Authority monitors the risk of firms’ non-compliance with its rules by maintaining regular and open dialogue with consumer organisations, trade associations, and other sources such as complaints information.</p><p>The Financial Conduct Authority has not been made aware of widespread issues relating to assignment of benefits, and the Government does not currently plan on taking action.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 05/09/2022 07:18:14 answering member 3912 label Biography information for Richard Fuller
tabling member	4397 label Biography information for Peter Dowd

1196928

registered interest
date	18/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to review the effect of deteriorating credit quality on the (1) profits, and (2) capital generated to meet claims, of life insurance companies under the matching adjustment permitted by the Prudential Regulation Authority.
tabling member printed	Lord Myners
uin	HL4639
answer	answer is ministerial correction date of answer 02/06/2020 answer text <p>Since the onset of the crisis caused by covid-19, the Government has been monitoring any impact of any deteriorating credit quality on the profits and capital generated to meet the claims of life insurance companies closely. We monitor developments in the profitability, liquidity and solvency of insurance companies, including the impact of credit quality on the matching adjustment and any resulting impact on these metrics. The Prudential Regulation Authority continually keeps the operation of the matching adjustment under review.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 02/06/2020 15:51:53 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1127306

registered interest
date	17/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he has taken to make sure that adequate interim payments to third parties are made promptly by insurance companies after those companies have accepted liability.
tabling member constituency	Orpington
tabling member printed	Joseph Johnson
uin	255668
answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.</p><p> </p><p>The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 255669 255670 question first answered 21/05/2019 14:42:59 answering member 4051 label Biography information for John Glen
tabling member	4039 label Biography information for Lord Johnson of Marylebone

1127307

registered interest
date	17/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
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 stop insurance companies delaying interim payments to third parties to take advantage of potential changes to the Ogden discount rate.
tabling member constituency	Orpington
tabling member printed	Joseph Johnson
uin	255669
answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.</p><p> </p><p>The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 255668 255670 question first answered 21/05/2019 14:42:59 answering member 4051 label Biography information for John Glen
tabling member	4039 label Biography information for Lord Johnson of Marylebone

1127308

registered interest
date	17/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a legally binding code of conduct for insurance companies to protect (a) defendants and (b) claimants from the start of a third party claim to the final settlement.
tabling member constituency	Orpington
tabling member printed	Joseph Johnson
uin	255670
answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>The FCA is an independent body responsible for regulating and supervising the financial services industry. It sets the conduct standards required of insurance firms in relation to their business.</p><p> </p><p>The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed. It is important that insurers treat customers fairly and the Government supports the FCA in carrying out its responsibilities.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 255668 255669 question first answered 21/05/2019 14:42:59 answering member 4051 label Biography information for John Glen
tabling member	4039 label Biography information for Lord Johnson of Marylebone

984568

registered interest
date	09/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the contribution to the public purse of proposed changes to carried forward losses for insurance companies in each year from 2017-18 to 2021-22.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	177339
answer	answer is ministerial correction date of answer 15/10/2018 answer text <p>Corporate interest restriction rules</p><p>Three changes to the original corporate interest restriction (CIR) rules have been announced since the measure was introduced.</p><p>Technical amendments to ensure the regime works as intended were announced at Autumn Budget 2017. These amendments are not expected to have an Exchequer impact in each year from 2017-18 to 2021-22. Further information can be found in the tax impact and information note (TIIN): <a href="https://www.gov.uk/government/publications/corporation-tax-amendments-to-the-corporate-interest-restriction-rules/corporation-tax-amendments-to-the-corporate-interest-restriction-rules" target="_blank">https://www.gov.uk/government/publications/corporation-tax-amendments-to-the-corporate-interest-restriction-rules/corporation-tax-amendments-to-the-corporate-interest-restriction-rules</a></p><p>Further technical amendments to ensure the regime works as intended were announced alongside the Finance Bill 2018-19. These amendments will not apply in 2017-18 and are not expected to have an Exchequer impact in each year from 2018-19 to 2021-22. Further information can be found in the TIIN: <a href="https://www.gov.uk/government/publications/corporation-tax-changes-to-the-corporate-interest-restriction-rules/corporation-tax-amendments-to-the-corporate-interest-restriction-rules" target="_blank">https://www.gov.uk/government/publications/corporation-tax-changes-to-the-corporate-interest-restriction-rules/corporation-tax-amendments-to-the-corporate-interest-restriction-rules</a></p><p>Technical amendments to a number of parts of the tax legislation, including the CIR rules, were also announced alongside Finance Bill 2018-19 in response to changes to the accounting treatment of leases. These amendments will not apply in 2017-18 and are expected to have a negligible impact on the Exchequer in each year from 2018-19 to 2021-22. Further information can be found in the TIIN: <a href="https://www.gov.uk/government/publications/income-tax-and-corporation-tax-response-to-accounting-changes-for-leasing/income-tax-and-corporation-tax-response-to-accounting-changes-for-leasing" target="_blank">https://www.gov.uk/government/publications/income-tax-and-corporation-tax-response-to-accounting-changes-for-leasing/income-tax-and-corporation-tax-response-to-accounting-changes-for-leasing</a></p><p> </p><p>Carried forward losses for insurance companies</p><p>Estimates approved by the Office for Budget Responsibility are not available.</p><p> </p><p> </p> answering member constituency Central Devon answering member printed Mel Stride grouped question UIN 177338 question first answered 15/10/2018 16:54:47 answering member 3935 label Biography information for Mel Stride
tabling member	4397 label Biography information for Peter Dowd

947618

registered interest
date	24/07/2018
answering body	Department for Exiting the European Union
answering dept id	203
answering dept short name	Exiting the European Union
answering dept sort name	Exiting the European Union
hansard heading	Insurance Companies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what representations they have received from the insurance industry about their proposals for the services sector outlined in The future relationship between the United Kingdom and the European Union (Cm 9593), published in July.
tabling member printed	Baroness Quin
uin	HL9882
answer	answer is ministerial correction date of answer 22/08/2018 answer text <p>Ministers and officials from my Department and across Government continue to engage broadly across all sectors - including the services industry - and across the UK to hear the business’ priorities and issues relating to our exit.</p><p><strong> </strong></p><p>Representatives from services, including insurance, and other industries met with the Secretary of State and all the ministers in my Department to discuss the proposals made in the White Paper at Chevening House on 20 July.</p><p><strong> </strong></p><p>The proposals outlined in the White Paper set out an ambitious and credible proposition for a close future relationship on financial services with the EU. This would provide stable and predictable access to each other’s markets, while recognising that the UK and the EU will exercise autonomy over regulatory decisions through domestic equivalence processes, and protect financial stability.</p> answering member printed Lord Callanan question first answered 22/08/2018 13:01:45 answering member 4336 label Biography information for Lord Callanan
tabling member	518 label Biography information for Baroness Quin

901060

registered interest
date	09/05/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance Companies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to review the capital requirements of insurance companies and review governance arrangements to ensure that they can compete on an equal footing with pensions superfunds.
tabling member printed	Lord Myners
uin	HL7704
answer	answer is ministerial correction date of answer 21/05/2018 answer text <p>Her Majesty’s Government announced in the Department for Work &amp; Pension’s recent White Paper (&quot;<em>Protecting Defined Benefit Pension Schemes</em>&quot;) that it will consult later this year on an authorisation regime for “superfunds”. Her Majesty’s Government is in regular discussions with the relevant regulators and with industry, and will of course consider any potential impacts from possible changes carefully.</p> answering member printed Lord Bates question first answered 21/05/2018 13:10:45 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

771355

registered interest
date	16/10/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Insurance Companies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the level of incidences of collusion in the insurance industry between providers of home and contents insurance.
tabling member constituency	Crewe and Nantwich
tabling member printed	Laura Smith
uin	107741
answer	answer is ministerial correction date of answer 24/10/2017 answer text <p>The government is committed to ensuring that the home insurance industry operates on a fair and competitive basis. The government works closely with the Financial Conduct Authority (FCA) and the Competition and Markets Authority (CMA). Both CMA and FCA have significant powers to deal with anti-competitive behavior. The government is confident that both regulators are effective in their assessment of the practices of the providers of home and contents insurance.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 24/10/2017 10:38:07 answering member 4095 label Biography information for Steve Barclay
tabling member	4648 label Biography information for Laura Smith