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Insurance Brokers Registration Act 1981

Volume 14: debated on Monday 30 November 1981

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asked the Secretary of State for Trade (1) if he is satisfied that the standards of competence and conduct of insurance intermediaries will be raised by their registration under the Insurance Brokers Registration Act;(2) if he is satisfied by the numbers of insurance intermediaries who will have registered under the Insurance Brokers Registration Act when it comes into force on 1 December;(3) if he is satisfied that the coming into force of the Insurance Brokers Registration Act will provide sufficient additional protection to the consumer; and if he will make a statement.

The discipline of registration and adherence to the rules and code of conduct laid down by the Insurance Brokers Registration Council should lead to the raising of professional standards in the insurance broking industry and should promote confidence on the part of consumers in using the services of insurance brokers. I understand that good progress is being made with registration: at 25 November there were 12,922 individuals on the register, 1,514 companies had been enrolled and many applications were being processed by the council. I hope that eligible insurance intermediaries who have not applied already will seek to register.