London
26 April 2017
Reporter: Becky Butcher

UK general election delays London’s ILS plans


The introduction of insurance linked-securities (ILS) legislation could be delayed after UK Prime Minister Theresa May called a snap general election for 8 June.

A final version of the UK’s ILS framework was expected to be published around this time, but May’s decision to call a general election has made that unlikely.

Christopher Beazley, CEO of the London Market Group, which led the charge for the UK to make changes to its law to attract ILS business, said: “The government anticipates that the necessary legislation to bring the ILS regime into force will be introduced to Parliament before the summer recess in mid-July.”

Two sets of regulations will be laid before both houses of UK Parliament, via statutory instruments, to amend the Financial Services and Markets Act of 2000 and the Finance Act of 2016.

May announced the snap general election outside 10 Downing Street on 18 April following numerous legal and voting challenges over Brexit, which was decided by an unbinding referendum last year.

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