- UK framework must be competitive to attract captives amid stiff competition
- LMG keeps pressure on Government with industry backed letter
- PRA must appreciate nuances of captives and regulate accordingly
- Increased NDF threshold for insurers under £25m premium not expected to be attractive to captives
While the Labour election victory on 4 July is expected to delay progress on the proposed United Kingdom captive legislation, local industry has not given hope of pushing the new framework through.
Prime Minister Sir Kier Starmer confirmed the appointment of new City Minister Tulip Siddiq MP on Tuesday and the London Market Group (LMG) is primed with a letter backed by UK brokers, captive managers, insurers and Airmic calling for the planned consultation to be published to gauge industry response and backing.
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