The Treasury Committee has agreed the terms of reference for its inquiry into Solvency II, a harmonised EU-wide insurance regulatory scheme.
Commenting on the inquiry, Rt Hon Andrew Tyrie MP, Chairman of the Treasury Committee, said:
"Brexit provides an opportunity for the UK to assume greater control of insurance regulation.
The Solvency II Directive came into force in January, only after a heap of concerns had been expressed about it. Among its manifest shortcomings was the failure to secure value for money over its implementation.
The Treasury Committee will now take a look at the Brexit inheritance on insurance to see what improvements can be made in the interests of the consumer."