Group grows as legislation looms

The insurance industry is turning its eyes to Westminster as parliament launches a series of detailed debates on a wide range of legislation affecting the insurance industry.

There will be at least a dozen major bills going through over the next year that will have an impact on the insurance and retail financial services sector. This is unprecedented - there has never been a parliamentary session that has threatened to create so much legislation affecting the market.

One consequence of this is that there has been an interest among parliamentarians in finding out about the industry. Many people are very cynical about MPs, but the majority are hardworking and try to take an informed interest, especially when they are going to have to vote on legislative proposals.

This interest is reflected in the increase in membership of the All Party Parliamentary Group on Insurance and Financial Services (APG). This group was launched by Post Magazine, Professional Broking's sister publication, in 1991 and PB's publisher, Incisive Media, still provides all its administrative support. It has achieved much, from lobbying for the creation of Pool Re to pressing for tougher action against uninsured drivers.

Since the election, the group has attracted a mixture of new and existing MPs into its membership, taking it to over 50 members. Among the new members are key figures such as John McFall, the chair of the Treasury Select Committee.

The group has already set some priorities and at top of its agenda is the Compensation Bill. It appears to have caught the Department for Constitutional Affairs on the hop because it does not have anything drafted. This is where APG's interest comes in. It believes there is an opportunity to influence the drafting of this bill and is planning a series of meetings, which it hopes will culminate in a report with specific recommendations for legislation being published.

Incisive Media has decided to back the group with the launch of a new PDF newsletter on its activities and a new website - www.appgifs.org.uk - in September. It is hoped that these will raise the profile of the group inside and outside parliament.