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Answering member
X
Ed Balls
Type
House
Session
Year
Department
Member
Primary member
Answering member
More
Balls, Ed (28)
Legislative stage
Legislation
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Publisher
To ask the Chancellor of the Exchequer what recent assessment he has made of whether services offered by the travel insurance industry discriminate against older people.
To ask the Chancellor of the Exchequer what recent assessment he has made of whether services offered by the travel insurance industry discriminate against older people.
Asked by
Anne Main
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
16 May 2007
For answer on
18 May 2007
Answered on
24 May 2007
I refer the hon. Member to the answer I gave on 16 April 2007, Official Report, column 408W, to the hon. Member for Stroud (Mr. Drew).The Government’s Discrimination Law Review are currently considering whether there is a case for prohibiting age discrimination in the provision of goods, facilities and services, including insurance. The Government expect to publish a Green Paper shortly.
Subjects
Insurance; Discrimination
Date
24 May 2007
Reference
138394; 460 c1429W
House
House of Commons
(2) what discussions he has had with (a) the insurance industry, (b) local government and (c) housing associations on promoting insure with rent schemes among uninsured households;
(2) what discussions he has had with (a) the insurance industry, (b) local government and (c) housing associations on promoting insure with rent schemes among uninsured households;
Asked by
Danny Alexander
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
11 May 2007
For answer on
15 May 2007
Answered on
21 May 2007
The Government recognise the important role of insurance as a financial tool, enabling people to protect against potential losses arising from risks to assets like home contents or a car.The Treasury has recently announced that insurance will be considered—alongside affordable credit and saving—as part of the Government's commitment to ensuring that everyone is able to plan for the future and cope with financial pressure.The Government have asked the Financial Inclusion Taskforce to work with the Association of British Insurers and the insurance industry, to investigate how insurance can be made an integral part of financial inclusion policy. This work will consider ways of building on existing initiatives, such as insurance with rent schemes, and explore the viability of new initiatives, such as risk-reduction approaches. Local government and housing associations are important stakeholders and will also be involved in discussions.All Ministers with an interest in financial inclusion have been invited to join a ministerial working group, which will determine detailed priorities for financial inclusion policy, including insurance, and publish a detailed action plan after the CSR.
Subjects
Insurance; Social rented housing
Date
21 May 2007
Reference
137541; 460 c1151W
House
House of Commons
Building Societies (Funding) and Mutual Societies (Transfers) Bill. Report stage. Third Reading debate. Agreed to on question and Bill passed.
Building Societies (Funding) and Mutual Societies (Transfers) Bill. Report stage. Third Reading debate. Agreed to on question and Bill passed.
Lead member
John Butterfill
Answering member
Ed Balls
Department
Treasury
Type
Debates on bills
Legislative stage
Third reading; Report stage
Procedure
Private members' bills proceedings
Legislation
Building Societies (Funding) and Mutual Societies (Transfers) Bill 2006-07; Financial Mutuals Arrangements Bill 2006-07
Subjects
Credit unions; Building societies; Insolvency; Insurance; Friendly societies; Mortgages; Mergers; Mutual societies
Date
27 April 2007
Reference
459 c1146-57
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask the Chancellor of the Exchequer what steps his Department is taking to ensure that older people (a) are able to obtain quotes from insurance companies and (b) are not subject to additional premiums due to their age.
To ask the Chancellor of the Exchequer what steps his Department is taking to ensure that older people (a) are able to obtain quotes from insurance companies and (b) are not subject to additional premiums due to their age.
Asked by
David Drew
(Labour; Co-operative Party)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
27 March 2007
For answer on
29 March 2007
Answered on
16 April 2007
I refer the hon. Member to the answer I gave him on 28 November 2006, Official Report, column 599W. The Government do not prescribe the terms and conditions that insurance companies may set when offering insurance, nor do they intervene in the commercial decisions of insurers.The Government's Discrimination Law Review is currently considering whether there is a case for prohibiting age discrimination in the provision of goods, facilities and services, including insurance. The Government now expect to publish a Green Paper in May of this year.
Subjects
Insurance; Pensioners
Date
16 April 2007
Reference
459 c408W; 130709
House
House of Commons
Financial Mutuals Arrangements Bill. Second Reading debate. Agreed to on question and committed to a Public Bill Committee.
Financial Mutuals Arrangements Bill. Second Reading debate. Agreed to on question and committed to a Public Bill Committee.
Lead member
John Butterfill
Answering member
Ed Balls
Department
Treasury
Type
Debates on bills
Legislative stage
Second reading
Procedure
Private members' bills proceedings
Legislation
Financial Mutuals Arrangements Bill 2006-07
Subjects
Credit unions; Building societies; Cooperatives; Finance; Financial institutions; Insolvency; Insurance; Friendly societies; Protection; Mergers; Mutual societies
Date
23 March 2007
Reference
458 c1060-1100
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask the Chancellor of the Exchequer pursuant to the answer of 25 January 2007, Official Report, column 1986W, on insurance policies, how many hon. Members have contacted him about non-advised insurance sales; and if he will make a statement.
To ask the Chancellor of the Exchequer pursuant to the answer of 25 January 2007, Official Report, column 1986W, on insurance policies, how many hon. Members have contacted him about non-advised insurance sales; and if he will make a statement.
Asked by
Vincent Cable
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
21 February 2007
For answer on
23 February 2007
Answered on
27 February 2007
The Treasury has received representations regarding non-advised insurance sales from eight Members of Parliament, on behalf of constituents, since April 2006.As noted in my answer of 20 November 2006, the Financial Services Authority (FSA) is responsible for the regulation of the sales of insurance policies.The FSA is currently undertaking a review of its general insurance regime. This review is looking at how far the FSA’s ““Insurance: Conduct of Business”” (ICOB) requirements deliver against the intended consumer outcomes for the regime, including that consumers buying insurance on a non-advised basis receive sufficient information to make an informed decision. The review is due to report in the first quarter of 2007.
Subjects
Insurance; Regulation
Date
27 February 2007
Reference
457 c1310W;457 c1296W; 123490
House
House of Commons
To ask the Chancellor of the Exchequer pursuant to his answer of 20 November 2006, Official Report, column 16W, on insurance policies, from whom he has received representations regarding non-advised insurance sales.
To ask the Chancellor of the Exchequer pursuant to his answer of 20 November 2006, Official Report, column 16W, on insurance policies, from whom he has received representations regarding non-advised insurance sales.
Asked by
Vincent Cable
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
18 January 2007
For answer on
22 January 2007
Answered on
25 January 2007
The Treasury has received representations regarding non-advised insurance sales from Members of Parliament on behalf of constituents and from one UK life insurance broker.
Subjects
Insurance; Regulation
Date
25 January 2007
Reference
110599; 455 c1986W;455 c1989W
House
House of Commons
To ask the Chancellor of the Exchequer pursuant to the Answer of 19 December 2006, Official Report, column 1729W, on City of London competitiveness, how much non-EU businesses in the financial services and insurance sectors contributed to the UK economy in each of the last five years.
To ask the Chancellor of the Exchequer pursuant to the Answer of 19 December 2006, Official Report, column 1729W, on City of London competitiveness, how much non-EU businesses in the financial services and insurance sectors contributed to the UK economy in each of the last five years.
Asked by
Mark Field
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
10 January 2007
For answer on
15 January 2007
Answered on
17 January 2007
The financial services sector, including insurance, contributed to the UK economy during the last five years as follows:
We do not hold separate data on the contribution to the UK economy of non-EU businesses.
| Share of total gross domestic product (Percentage) | |
| 2001 | 5.3 |
| 2002 | 7.3 |
| 2003 | 7.9 |
| 2004 | 8.3 |
| 2005 | 8.6 |
Subjects
Financial services; Insurance
Date
17 January 2007
Reference
115582; 455 c1133W
House
House of Commons
To ask the Chancellor of the Exchequer pursuant to the Answer of 19 December 2006, Official Report, column 1729W, on City of London competitiveness, what assessment his Department has made of the contribution to the UK economy of non-EU businesses in the (a) financial services and (b) insurance sectors.
To ask the Chancellor of the Exchequer pursuant to the Answer of 19 December 2006, Official Report, column 1729W, on City of London competitiveness, what assessment his Department has made of the contribution to the UK economy of non-EU businesses in the (a) financial services and (b) insurance sectors.
Asked by
Mark Field
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
10 January 2007
For answer on
15 January 2007
Answered on
17 January 2007
The UK financial services sector, including insurance, is contributing an increasing share of UK economic output, accounting for 8.6 per cent. of UK Gross Domestic Product in 2005 and supporting over 1 million British jobs. The UK’s trade surplus in financial services was £19.1 billion in 2005.London is the world’s leading international financial centre, with unparalleled scale, scope and internationalism. 70 per cent. of global secondary bond market trading takes place in London, along with over 40 per cent. of over-the-counter derivatives trading, over 30 per cent. of world foreign exchange business, over 40 per cent. of global trade in foreign-listed equities, and 20 per cent. of cross-border bank lending. Over 250 foreign banks are based in the UK—more than in any other financial centre.The success of the UK’s financial sector depends on a number of factors, including our tradition of openness, innovation, high-level skills, world-class regulation and a competitive business environment. London has proved an attractive location for both EU and non-EU financial services providers, with non-EU providers benefiting not just from London’s large pools of liquidity and broad international investor base but also from London’s position as a gateway to European financial markets. The Government are working with the financial sector, including through the Chancellor’s high-level group on financial services, to ensure its continued success.
Subjects
Financial services; Insurance
Date
17 January 2007
Reference
115583; 455 c1133-4W
House
House of Commons
To ask the Chancellor of the Exchequer if he will take steps to grant retailers of powered mobility products covered under the industry code of practice the right to sell insurance without requiring Financial Services Authority accreditation.
To ask the Chancellor of the Exchequer if he will take steps to grant retailers of powered mobility products covered under the industry code of practice the right to sell insurance without requiring Financial Services Authority accreditation.
Asked by
Mark Oaten
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
18 December 2006
For answer on
8 January 2007
Answered on
9 January 2007
[holding answer 8 January 2007]: The Financial Services Authority (FSA) assumed responsibility for the regulation of general insurance on 14 January 2005. The introduction of the FSA's regime served to implement the EU's Insurance Mediation Directive (IMD) 2002/92/EC in the UK.The IMD requires the UK to regulate various insurance mediation activities in connection with contracts of insurance, including long-term insurance business, commercial insurance and reinsurance. The activities required to be regulated include selling and administering such insurance contracts by intermediaries. The IMD does not apply where a number of specified conditions are met, however the selling of insurance along with powered mobility products is not capable of meeting all of these conditions. In general, those undertaking insurance mediation must either be authorised to do so by the FSA, be an appointed representative of an authorised firm or be a member of a designated professional body that allows the firm to be exempt from authorisation.
Subjects
Mobility scooters; Insurance
Date
9 January 2007
Reference
455 c498W;455 c496W; 113006
House
House of Commons
To ask the Chancellor of the Exchequer what assessment he has made of the options for redress available to consumers who, due to imperfect information at the time of purchase of an off-the-shelf insurance policy, have a claim rejected subsequently.
To ask the Chancellor of the Exchequer what assessment he has made of the options for redress available to consumers who, due to imperfect information at the time of purchase of an off-the-shelf insurance policy, have a claim rejected subsequently.
Asked by
Vincent Cable
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
27 November 2006
For answer on
29 November 2006
Answered on
5 December 2006
The Financial Services Authority’s (FSA) rules require that the firm providing an off-the-shelf insurance policy must provide the consumer with a policy summary that, among other things, highlights significant features and benefits of the policy and significant or unusual exclusions, so that customers can check that it is appropriate to their needs.In situations where a consumer has a claim against an off-the-shelf insurance policy rejected by the insurer there is generally a right of redress to the Financial Ombudsman Service (FOS) once the consumer has exhausted the options open to them through the firm’s own complaint resolution procedures.The role of the FOS is to deal with complaints impartially and to make what it believes is a fair and reasonable decision, based on the relevant facts in each individual case.The decision of a FOS Ombudsman is binding upon the firm but is non-binding upon the consumer. If the consumer is dissatisfied with this decision (s)he may still take his/her case to the courts.
Subjects
Consumer information; Insurance
Date
5 December 2006
Reference
454 c400W;454 c402W; 106523
House
House of Commons
(5) what representations he has received from insurance companies about the impact of the Solvency II directive;
(5) what representations he has received from insurance companies about the impact of the Solvency II directive;
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
453 c600-1W; 102794
House
House of Commons
(4) what representations he has received from the Financial Services Authority on the implications of the Solvency II directive;
(4) what representations he has received from the Financial Services Authority on the implications of the Solvency II directive;
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
102793; 453 c600-1W
House
House of Commons
(6) what assessment he has made of the (a) costs and (b) benefits of the implementation of the Solvency II directive to the (i) insurance industry and (ii) consumers;
(6) what assessment he has made of the (a) costs and (b) benefits of the implementation of the Solvency II directive to the (i) insurance industry and (ii) consumers;
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
102795; 453 c600-1W
House
House of Commons
(7) when he last discussed the Solvency II directive with (a) other EU counterparts and (b) the European Commission.
(7) when he last discussed the Solvency II directive with (a) other EU counterparts and (b) the European Commission.
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
102791; 453 c600-1W
House
House of Commons
(3) what effect the proposed Solvency II directive will have on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies; and if he will make a statement;
(3) what effect the proposed Solvency II directive will have on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies; and if he will make a statement;
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
102792; 453 c600-1W
House
House of Commons
To ask the Chancellor of the Exchequer (1) when he expects the Solvency II directive to come into effect;
To ask the Chancellor of the Exchequer (1) when he expects the Solvency II directive to come into effect;
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
102775; 453 c600-1W
House
House of Commons
(2) when he expects agreement to be reached on the Solvency II directive;
(2) when he expects agreement to be reached on the Solvency II directive;
Asked by
Mark Hoban
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
20 November 2006
For answer on
22 November 2006
Answered on
28 November 2006
The European Commission has announced that it will publish the Solvency II directive in July 2007. The legislative proposal will then need to be adopted by the Council of Ministers and the European Parliament. The date of implementation of the directive will be subject to their agreement. It is not expected that implementation will be earlier than 2010 or 2011.The amount of time required to reach agreement on the directive is uncertain and will depend on a range of factors. The UK Government is supportive of the Solvency II project and will therefore work with other EU member states to achieve agreement to the directive without undue delay. HM Treasury participates in regular meetings of the European Commission's Working Group on Insurance Solvency and meetings of the European Insurance and Occupational Pensions Committee (EIOPC).The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament and therefore its effects on the limits and restrictions on the type of assets which may be held to cover capital requirements by insurance companies remain uncertain. The Government's views on this issue have been outlined in a joint discussion paper by HM Treasury and the Financial Services Authority: "Solvency II: a new framework for prudential regulation of insurance in the EU".HM Treasury and the Financial Services Authority are working together closely on the Solvency II project. HM Treasury and the FSA have jointly produced two discussion papers on Solvency II: "Solvency II: a new framework for prudential regulation of insurance in the EU" and "Supervising insurance groups under Solvency II":"http://www.hm-treasury.gov.uk./media/B13/CO/solvencyII_discussionpaper.pdf""http://www.hm-treasury.gov.uk./media/BD8/46/solvencyii061006.pdf"HM Treasury has received representations from insurance companies, the Association of British Insurers and the Association of Mutual Insurers in respect of the discussion papers. HM Treasury is in regular dialogue with stakeholders on Solvency II issues.The Solvency II directive has not yet been adopted by the Council of Ministers and the European Parliament. At this stage it is not possible to determine accurately the costs and benefits of the directive. The Government's view is that the directive can generate significant economic benefits by deepening the EU Single Market in insurance services. The directive has support in principle from industry stakeholders including the Association of British Insurers (ABI).The European Commission is required to publish an impact assessment of the Solvency II directive. HM Treasury will publish a partial Regulatory Impact Assessment in summer 2007 in order to assess the costs and benefits to the UK insurance industry and UK consumers.
Subjects
EU law; Insurance
Date
28 November 2006
Reference
102790; 453 c600-1W
House
House of Commons
To ask Mr Chancellor of the Exchequer (1) what measures are in place to ensure that insurance policies sold in a sealed pack off-the-shelf display terms, conditions and exclusions on the outside of the pack;
To ask Mr Chancellor of the Exchequer (1) what measures are in place to ensure that insurance policies sold in a sealed pack off-the-shelf display terms, conditions and exclusions on the outside of the pack;
Asked by
Vincent Cable
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
15 November 2006
For answer on
20 November 2006
Answered on
20 November 2006
The Financial Services Authority (FSA) is responsible for the regulation of the sales of insurance policies.The FSA makes no distinction in its regulatory treatment of the sale of sealed pack, off-the-shelf, insurance policies and other forms of non-advised sales. Off-the-shelf insurance policies are typically bought in a high-street store, such as a supermarket, with the contract normally concluded by a subsequent telephone conversation or by completing an application form and returning it by post.For all products that they regulate, the FSA applies the principle that firms should treat their customers fairly and provide them with clear information. Firms are required to take reasonable steps to ensure that customers do not buy policies under which they are ineligible to claim benefits.Firms are also required to give customers a policy summary, in addition to the full policy information, to provide key information in a clear and easily digestible form. The summary must set out the significant features and benefits of the insurance and significant or unusual exclusions, so that customers can check that the insurance is appropriate for their needs.FSA rules also require that for non-investment insurance contracts firms offer retail customers a minimum cancellation period of 14 days for general insurance contracts and 30 days for pure protection contracts.HM Treasury and the FSA have received a small number of representations on the subject of non-advised insurance sales.
Subjects
Insurance; Regulation
Date
20 November 2006
Reference
100727; 453 c15-6W
House
House of Commons
(2) whether he has received representations on the insurance policies provided in off-the-shelf packages on the high street.
(2) whether he has received representations on the insurance policies provided in off-the-shelf packages on the high street.
Asked by
Vincent Cable
(Liberal Democrat)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
15 November 2006
For answer on
20 November 2006
Answered on
20 November 2006
The Financial Services Authority (FSA) is responsible for the regulation of the sales of insurance policies.The FSA makes no distinction in its regulatory treatment of the sale of sealed pack, off-the-shelf, insurance policies and other forms of non-advised sales. Off-the-shelf insurance policies are typically bought in a high-street store, such as a supermarket, with the contract normally concluded by a subsequent telephone conversation or by completing an application form and returning it by post.For all products that they regulate, the FSA applies the principle that firms should treat their customers fairly and provide them with clear information. Firms are required to take reasonable steps to ensure that customers do not buy policies under which they are ineligible to claim benefits.Firms are also required to give customers a policy summary, in addition to the full policy information, to provide key information in a clear and easily digestible form. The summary must set out the significant features and benefits of the insurance and significant or unusual exclusions, so that customers can check that the insurance is appropriate for their needs.FSA rules also require that for non-investment insurance contracts firms offer retail customers a minimum cancellation period of 14 days for general insurance contracts and 30 days for pure protection contracts.HM Treasury and the FSA have received a small number of representations on the subject of non-advised insurance sales.
Subjects
Insurance; Regulation
Date
20 November 2006
Reference
100728; 453 c15-6W
House
House of Commons