Proposals to regulate the sale of general insurance have been announced by the Treasury, taking into...
Proposals to regulate the sale of general insurance have been announced by the Treasury, taking into account the European Mediation Directive, signed in September.
Commenting on the publication of the consultation document, Regulating Insurance Mediation, Ruth Kelly, financial secretary to the Treasury, said: 'Industry will benefit through the simplifying and streamlining of regulation. There will be new opportunities for brokers as they will be able to compete for business in other EU countries'
The document focuses on competition issues. The Government is seeking evidence and views from the industry as a part of the consultation process.
General Insurance Standards Council chief executive, Chris Woodburn, emphasised the need to participate in the consultation: 'It is vital the insurance industry uses this opportunity to submit its views.'
