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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