HC Deb 17 March 2004 vol 419 cc304-5W
Lembit Öpik

To ask the Secretary of State for Northern Ireland what powers are available to him to ensure that those insurance companies operating within Northern Ireland who are not members of the Association of British Insurers are able to discharge their present and future obligations to those who have placed business with them; and if he will make a statement. [161676]

Mr. Pearson

The Secretary of State for Northern Ireland has no powers in this regard. Insurance is a reserved matter, and the regulation of the insurance industry in the UK is a matter for the Financial Services Authority, within the framework of the Financial Services and Markets Act 2000 and associated secondary legislation.