Insurance Companies: Regulation

Treasury written question – answered at on 21 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 their announcement in the Autumn Statement that they will consult on a framework for encouraging captive insurance companies in the UK, whether they will propose that such captive insurers will remain liable to the same solvency requirements as other insurers.

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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