Insurance

Treasury written question – answered at on 6 February 2024.

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Photo of Baroness Ritchie of Downpatrick Baroness Ritchie of Downpatrick Non-affiliated

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.

Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton The Parliamentary Secretary, HM Treasury

In Spring this year, the Government will publish a consultation on the design of a new UK regime for captive insurance companies.

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.

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