§ Mr. FlightTo ask the Chancellor of the Exchequer what plans he has to review the working procedures within his Department regarding the regulation of insurance companies. [87628]
§ Ms HewittI have no plans to review working procedures regarding the regulation of insurance companies. The Transfer of Functions (Insurance) Order 1997 transferred Department of Trade and Industry responsibility for regulation of insurance business to the Treasury. The Contracting Out (Functions in Relation to Insurance) Order 1998 empowered the Treasury to authorise a third-party—the Financial Services Authority—to carry out most of these functions from 1 January 1999. Subject to Parliamentary approval, the Financial Services and Markets Bill will vest this responsibility with the Financial Services Authority in its own right. In the meantime, the Treasury retains statutory and policy responsibility.