DP24/1: Regulation of commercial and bespoke insurance business

Read DP24/1 (PDF)

Why we are issuing this Discussion Paper

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 are seeking feedback on these.

Who this is for

• insurers and insurance intermediaries, including those within the Lloyd’s market
• insurance market trade associations
• commercial insurance buyers
• business representative bodies

Next steps

Online response form

We welcome feedback by 16 September 2024. Please use the online form or email [email protected].

We will consider the responses and decide whether there is a case for making changes to our rules and guidance. We will then consult on any changes.

Background

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.