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Insurance Companies: Departmental Responsibilities

Question for Treasury

UIN 21836, tabled on 24 June 2021

To ask the Chancellor of the Exchequer, which Government department holds responsibility for the insurance industry.

Answered on

29 June 2021

HM Treasury is responsible within Government for insurance and wider financial services policy, including the statutory framework for its regulation and the continued effective operation of the regulators.

Conduct and solvency issues in the insurance sector are the responsibility of the Financial Conduct Authority and the Prudential Regulation Authority respectively. The Treasury has strictly limited powers in relation to these organisations, which are operationally independent regulators.

Answered by

Named day
Named day questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.