The UK government has revealed that they are set to consult on the introduction of a regime for captive insurance companies in spring 2024.
In the Treasury chancellor Jeremy Hunt’s autumn statement, it was revealed that the consultation is set to take place early next year, and will establish how they can encourage the growth of captives in the UK, according to Captive Insurance Times.
The move has been well-received by the London Market Group (LMG), who have been working tirelessly alongside the Treasury to make this a reality.
Caroline Wagstaff, CEO of the LMG, commented on the announcement, stating, “The London Market Group is delighted by the announcement by the Treasury that it will consult on the creation of a UK captive regime by spring next year, taking on board the recommendations within our Plan for the Future.
“As the global centre for risk transfer, London needs to be able to offer all the tools in the toolkit, so this is a great step forward. We look forward to working closely with the government and regulators to ensure that the UK remains a highly competitive insurance centre.”
This announcement follows a roundtable discussion which considered the benefits of a UK captive insurance regime, led by city minister Andrew Griffith in earlier this year.
Developing a UK captive framework stands as a pivotal element within LMG’s strategy to enhance the UK’s risk transfer landscape. This initiative aligns seamlessly with their latest ‘Plan for the Future,’ aiming to elevate the business environment for risk transfer within the UK.
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