Last week, the House of Commons Treasury Select Committee announced on the parliament website that it is holding an inquiry into the new regime for insurance regulation under the Solvency II Directive (2009/138/EC).

The committee's scope is to consider the implementation and impact of the new regime (specifically the costs to the insurance industry) together with the options available to the UK, post the Brexit referendum.

The website also publishes the committee's terms of reference which contains questions addressed to the insurance industry. The questions relate to the implementation, development and competitive implications of the regime as well as questions on financial reporting, safety and soundness and proportionality.

The deadline for written submissions to the committee is 11 November 2016.