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Reinsurance Market

Volume 33: debated on Monday 6 December 1982

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31.

asked the Minister for Trade if he has yet decided on possible methods of supervision of the reinsurance market.

Companies carrying on reinsurance business within the United Kingdom are already subject to supervision under existing legislation. I announced on 8 November in a reply to my hon. Friend the Member for Brentwood and Ongar (Mr. McCrindle) that I hope very shortly to lay regulations regarding general business placed with reinsurers. I also intend to lay early next year further regulations requiring insurance companies carrying on business in the United Kingdom to disclose more information about the general reinsurance business which they accept. This should assist my Department to assess the adequacy of companies' reserves.