The Treasury is likely to begin consultation on regulation of the general insurance industry in July...
The Treasury is likely to begin consultation on regulation of the general insurance industry in July, writes Paul Robertson.
The Treasury is awaiting the passing of The European Insurance Mediation Directive, stating who does and who does not require regulation under EU law, before starting the consultation process. This has reached its final stages in the Council of Ministers and is expected to pass in July.
Catherine Nicol, head of communications at the GISC, said: 'It looks as if the timetable published by the Treasury and the FSA will be met. If the Council of Ministers was unhappy with the directive they could have referred it back for further review ' delaying it considerably ' but they have not. I would expect the Treasury to begin consultation to start the consultation process towards the end of July, because they will know what they are consulting about by then.'
