General Insurance Article - ABI comments on the Queen's Speech 2016


The ABI has responded to the Bills of relevance to insurers announced in today’s Queens Speech.

 Modern Transport Bill
 The Queen announced a Modern Transport Bill to ensure the UK is "at the forefront of technology", with a key focus autonomous vehicles or driverless cars.

 James Dalton, ABI Director of General Insurance Policy, said: "Fully automated vehicles will be a safety revolution, set to reduce road accidents and make our roads safer. This is why insurers are 100% behind making driverless vehicles a reality on our roads. Insurers are already working on how to shape the right framework to keep insurance as simple and straightforward as possible for the future of driving."

 Pensions Bill
 The Queen announced a Pensions Bill to introduce further reform of Britain's private pension system. This includes introducing essential protection for people in Master Trusts- multi-employer pension schemes often provided by external organisations.

 Yvonne Braun, ABI Director of Policy, Long Term Savings and Protection said: "We have been calling for some time for the ‘two speed’ system of pension regulation between insurers and trust-based schemes to be tackled. Trust-based schemes, including Master Trusts, do not currently have to comply with insurers' strict requirements, which means they can be set up far too easily. This causes unnecessary risks for savers, leaving them vulnerable to scams and dubious investments."

 Neighbourhood Planning and Infrastructure Bill
 The Queen announced a Neighbourhood Planning and Infrastructure Bill with measures to give local authorities more powers to veto inappropriate developments.

 Mark Shepherd, ABI Manager, General Insurance, said: “While we need to meet the demand for new homes, with the rising flood threat we must avoid building in flood risk areas wherever possible. Planners, builders and local authorities should always take into account the flood risk when assessing planning applications.” 

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