Proceeding contribution from Baroness Noakes (Conservative) in the House of Lords on Thursday, 10 December 2009. It occurred during Debates on delegated legislation on Banking Act 2009 (Exclusion of Insurers) Order 2009.
Banking Act 2009 (Exclusion of Insurers) Order 2009
My Lords, the Minister said that insurance companies did not cause a problem in the recent financial crisis. That is true for the UK but not for the United States. Given that it can cause problems under certain circumstances, although it did not in recent years, the Minister said that the regulation for insurers needs to be different—which indeed it does. However, as we found with the banks, regulation was one of the contributory factors leading to the severity of the problems. I would like the Minister to answer this question directly. Are the Government satisfied that they have sufficient legislative powers to act if there were a systemic financial problem in the UK caused by the insurance industry?
Secondary information
- Type
- Proceeding contribution
- Reference
- 715 c1240
- Session
- 2009-10
- Chamber / Committee
- House of Lords chamber
- Subjects
- Banks Building societies Insurance companies Financial institutions Insolvency Government assistance
- Legislation
- Banking Act 2009 (Exclusion of Insurers) Order 2010
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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- 2024-05-04 23:08:10 +0100
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- http://data.parliament.uk/pimsdata/hansard/CONTRIBUTION_601692
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