Civil Liability Act report on savings provision
Seeking views on draft regulations requiring insurers to submit information for a report detailing the impact of the Civil Liability Act reforms on their business.
This technical consultation seeks comments on the draft regulations that will require firms who sell relevant insurance policies to provide information to the Financial Conduct Authority (FCA). This information will be used in a report by the Government which assesses whether firms have passed on savings arising from the Civil Liability Act 2018 to their customers. The consultation focuses on the scope of the requirements and methodology for calculating the relevant information.
The regulations being consulted on will form the final statutory instrument (SI) with possible revisions following consultation. A high level summary on the role of the FCA is included in the consultation document. Information sharing processes and other assistance to be provided by the FCA will be agreed between the Treasury and the FCA directly.