The following insurance instruments are due to sunset on 1 October 2023:
- Insurance Acquisitions and Takeovers (Notices) Regulations 1992
- Insurance Acquisitions and Takeovers Act 1991 – Decision‑Making Principles IDM 1/1992
- Life Insurance Regulations 1995
- Insurance Regulations 2002.
The government has released exposure draft legislation and explanatory materials to remake those instruments that are still required and make other updates to the instruments and related primary legislation to ensure the instruments remain fit for purpose.
The government is seeking stakeholder views on the exposure draft legislation and exposure draft explanatory materials. A consultation paper is also included to assist stakeholders in providing feedback.