LMG WELCOMES LONDON REGULATION INQUIRY

The London Market Group (LMG) has welcomed the UK parliament’s inquiry into the regulation of the London insurance market. The House of Lords’ industry and regulators committee will explore the extent to which regulatory policy is well designed and proportionately applied and the possibilities for optimising policy following Brexit. It will also examine the appropriateness of regulation relative to the risks posed by the London market, as well as examining the market’s global competitiveness. Sean McGovern, chief executive of UK and Lloyd’s at Axa XL and sponsor of LMG’s government relations work, said: “This is one of the first times parliament has looked closely at the regulation of the London insurance market and is an opportunity to highlight the market’s value to the economy.