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Written Question
Insurance Companies: Reform
Wednesday 25th January 2023

Asked by: Rushanara Ali (Labour - Bethnal Green and Bow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what financial assessment his Department has made on the effect of the proposed Solvency II reforms on the public purse.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.


Written Question
Insurance Companies: Reform
Wednesday 25th January 2023

Asked by: Rushanara Ali (Labour - Bethnal Green and Bow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of a potential impact of the Government's proposed Solvency II reforms on the level of risk to the financial stability of the banking sector.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.


Speech in Commons Chamber - Thu 17 Nov 2022
Autumn Statement

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View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Autumn Statement

Speech in Commons Chamber - Tue 15 Nov 2022
Oral Answers to Questions

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View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Oral Answers to Questions

Speech in Commons Chamber - Tue 15 Nov 2022
Oral Answers to Questions

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View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Oral Answers to Questions

Speech in Commons Chamber - Wed 19 Oct 2022
Economic Responsibility and a Plan for Growth

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View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Economic Responsibility and a Plan for Growth

Speech in Commons Chamber - Wed 19 Oct 2022
Economic Responsibility and a Plan for Growth

Speech Link

View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Economic Responsibility and a Plan for Growth

Speech in Commons Chamber - Wed 19 Oct 2022
Economic Responsibility and a Plan for Growth

Speech Link

View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Economic Responsibility and a Plan for Growth

Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People

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View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Cost of Living: Support for Young People

Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People

Speech Link

View all Rushanara Ali (Lab - Bethnal Green and Bow) contributions to the debate on: Cost of Living: Support for Young People