Viewers can find below a comment from the International Underwriting Association welcoming the publication of the UK Government’s policy paper on a ‘new approach to ensure regulators and regulation support growth’ (https://www.gov.uk/government/publications/a-new-approach-to-ensure-regulators-and-regulation-support-growth/new-approach-to-ensure-regulators-and-regulation-support-growth-html) :
Nafisah Hussain, Senior Public Policy Executive at the International underwriting Association, said:
“The vision outlined in the Government’s policy paper to ensure regulators support growth chimes strongly with the IUA’s own policy views. We agree that regulation should encourage investment and innovation. This is particularly important in the London insurance market which is international in nature and competes directly with other jurisdictions around the world.
“It is also vital, as the policy paper states, that regulation is targeted and proportionate. IUA member companies provide wholesale insurance solutions for large corporate clients. These sophisticated and knowledgeable clients do not require the same regulatory protection as individual consumers.
“We will now be looking with interest to see how these principles are employed in practice across our sector. In particular, the IUA is keen to see how a proposed concierge service will make it easier for new insurers and reinsurers to establish themselves in London.”
