§ Lord Kennetasked Her Majesty's Government:
Whether it is the duty of the Department of Trade and Industry as lead department in relation to the insurance industry, to oversee that industry and to ensure that its practices accord with public policy.
§ The Secretary of State for Trade and Industry (Lord Young of Graffham)My statutory responsibilities towards the insurance industry are defined in the Insurance Companies Act 1982, and concern the authorisation and prudential supervision of insurance companies. In the discharge of these responsibilities I have regard as appropriate to issues of public policy.