We sought your views on whether our rules appropriately balance customer protection and competitiveness.
We want to ensure that customers in the commercial insurance market are protected appropriately, while also not placing unnecessary regulatory costs on firms or affecting innovation.
We are considering whether there are changes which can be made to better achieve this balance. The Discussion Paper sets out a number of options and we sought feedback on these.
This Discussion Paper closed on 16 September 2024.
In November, we partially reopened DP24/1 to gather more feedback about the impact of our options. This closed on 10 January 2025.
Read DP24/1 reopened questions (PDF)[2]
We'll consider all the responses and decide whether there's a case for making changes to our rules and guidance. We'll then consult on any changes.
The UK insurance market provides products and services for a broad range of customers, both in the UK and overseas.
Our primary objective of ‘ensuring an appropriate degree of protection for consumers’, already plays an important role in creating a safe, trusted and stable environment for firms to compete and innovate.
The global nature of the commercial insurance market makes it important for us to consider how our rules further our secondary objective to facilitate the international competitiveness and growth of the UK economy in the medium to long term.
We aim to deliver proportionate regulation that potentially helps remove barriers to innovation and encourages effective competition in the commercial insurance market.
Links