§ Dr. CableTo ask the Secretary of State for Trade and Industry what information, prior to Independent Insurance going into liquidation, was provided to(a) her Department and (b) the FSA relating to the French regulator's review of the company's French branch; and when this information was provided. [5286]
§ Ruth KellyI have been asked to reply.
The French regulator, the Commission de Contrôle des Assurances (CCA), first wrote to the FSA expressing their concerns about the French insurance subsidiary of the Independent Insurance Group on 11 January 2001. This company was a sister company of the UK-supervised insurer, representing about 5 per cent. of group premium income, and was subject to French supervision. The FSA, following discussions with the UK company, and having received copies of the company's own detailed responses to the French authorities, replied to the CCA in March 2001. In that letter, the FSA noted its understanding that the group had provided additional financing to the French subsidiary. The FSA subsequently had a number of further contacts with the CCA including a visit to their offices in Paris, provided financial information about the financial position of the UK company, and kept the CCA informed of events in the period leading to the company's closure.