Treasury Committee press notice no.09

Session 2006-07, 27 November 2006


The Scope of FSA insurance regulation
Call for supplementary evidence


The Treasury Committee heard oral evidence on 23 November 2006 as part of its inquiry into the scope of Financial Services Authority insurance regulation following the implementation of the Insurance Mediation Directive (2002/92/EC) in January 2005.  An uncorrected transcript from the session is available at: http://www.publications.parliament.uk/pa/cm200607/cmselect/cmtreasy/uc50-i/uc5002.htm.

At the session, Ed Balls MP, Economic Secretary to the Treasury, launched a consultation document, “HM Treasury: Regulating Travel insurance”, on the future regulation of travel insurance sold as part of a package. This is available at http://www.hm-treasury.gov.uk/media/150/EE/travel_insurance_review_231106.pdf.

The Committee would welcome supplementary submissions of written evidence commenting on the oral evidence heard on 23 November and the Treasury’s consultation document. In particular the Committee would be interested to receive supplementary evidence on the regulatory framework options set out in paragraph 3.25 of the Treasury consultation document.

In its press notice of 7 November 2006, the Committee sought submissions of written evidence focussing on the following:

1. The current extent of regulation of the insurance market;
2. The need for, and potential effects of, extending regulation to the bundled travel insurance and extended warranty markets;
3. The form any proposed future regulation might take, including models for non-statutory regulation.

Supplementary written evidence should reach the Committee by 3.00 pm on Monday 4 December 2006 addressing any or all of the areas identified above. Further information for those submitting written evidence is given in the notes below.


NOTES:

1. Notes for submitters: Written evidence should be in Word or rich text format and sent by e-mail to [email protected] The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from. The deadline for supplementary written evidence is 3.00 pm on Monday 4 December 2006. Submissions should be in the format of a self-contained memorandum and should not exceed 3,000 words in length. Paragraphs should be numbered for ease of reference, and the document must include an executive summary, ideally no more than one page long. Committees make public much of the evidence they receive during inquiries. If you do not wish your submission to be published, you must clearly say so. If you wish to include private or confidential information in your submission to the Committee, please contact the Clerk of the Committee to discuss this. Please bear in mind that Committees are not able to investigate individual cases. Personal information, such as address and contact details, should be provided separately from the body of your submission. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000. Submissions should be original work, not previously published or circulated elsewhere. Once submitted, no public use should be made of the submission unless you have first obtained permission from the Clerk of the Committee. For further information on evidence to select committees, see the guide for witnesses available at:

http://www.parliament.uk/parliamentary_committees/witness.cfm