B

Baroness Blake of Leeds (Lab)

Speaking in the House of Lords on 28 October 2024

Debate

Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024

Contribution

My Lords, I thank noble Lords for their interest in this area, which is exceptionally important to putting ourselves in the best possible position to take advantage of the different agendas that the Government are moving on. My noble friend Lord Davies was absolutely correct that I am unable to answer his specific questions today —they are outside the scope of this SI. However, HMT officials would be pleased to write to him. I am sure that, if there is a need for meetings, we can move forward. I welcome the comments of the noble Earl, Lord Courtown. I absolutely assure him that there is continued engagement with the industry at ministerial level. There is a recognition that it has taken a significant time for the process to get to this point. We are almost at the last hurdle, and it is crucial that we keep everybody informed and successfully move forward towards its conclusion at the end of the year. I am sure the Grand Committee will join me in supporting these amendments to ensure a smooth transition to the reformed Solvency II regime.

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