Trade body calls on insurance sector to work together.
The Association of British Insurers (ABI) has said it was disappointed that Legal & General is resigning its membership of the organisation.
The insurer has confirmed it will quit the trade body at the end of the year, stating that many of its business lines fall outside of the remit of the ABI.
Director general at the ABI, Otto Thoresen commented: "As a trade association, of course we are disappointed by the resignation of a member, however the ABI's continuing strong membership represents over 90% of the insurance sector.
"The great advantage of the ABI is that our members work together across the usual corporate boundaries to tackle issues that are important to consumers and to deliver an agenda for reform."
Thoresen said the board of the ABI believed that the industry is at its most effective when working together to respond to legislative and regulatory change.
He added: "Working with our members we will continue to drive the reform agenda forward to make markets work better for customers on policy areas as diverse as pensions, use of data, welfare policy, tax and regulation to ensure the UK insurance sector continues to contribute positively to the economy and society."
