§ Mr. MitchellTo ask the Minister of State, Lord Chancellor's Department what discussions he has had with insurers about the development of the insurance market for conditional fee insurance; and how he proposes to regulate the market. [78520]
§ Mr. HoonMy officials and I are in regular contact with the insurance industry on the development of all aspects of legal insurance. Responsibility for the regulation of the insurance market rests with Her Majesty's Treasury. The provision of legal expenses insurance is subject to statutory and self regulation. Insurance companies trading in the United Kingdom have to be authorised in accordance with the Insurance Companies Act 1982. In addition, most companies agree voluntarily to abide by the industry statements and codes of practice of the Association of British Insurers.