The UK government made a bulletin about a date for the consultation regarding new regulations related to captive insurance. This is basically a form of self-insurance where a company has it’s own backup for managing risks.
The following consultation will commence working soon for the policyholders by providing feedback and input based on the respective regulations which will mark growth in captive insurance at the region of UK.
The government aims to target and create a balance between facilitating innovation and maintain desired levels of oversight and consumer protection. Looking at the history and rise of Captive insurance in the sectors of UK, Captive insurance has gained popularity as a risk management tool for many businesses. This enable them to cover their insurance for particular requirements.
These new regulations are part of the UK government’s broader efforts which relates to and focuses upon competitiveness of its insurance market . The government recognizes the importance of creating an environment that fosters innovation encourages investment and strengthens the UK’s position as a global insurance hub in the market striving for the best.
During the ongoing insurance, once the consultation period ends the government will look into the following feedback and make a significant report related to the same. This will also include a period of further consultation or refinement before the regulations are finalized and taken under action .
Therefore , this step of UK government demonstrates its commitment for creating a better framework that supports the growth and success of the captive insurance industry. This will let UK foster a competitive and well built market for captive insurance.
