The General Insurance Standards Council (GISC) has announced it has passed the symbolic milestone of 1,000 members.

The 1,000 includes up to 50 members of the Insurance Brokers' Registration Council, (other than Lloyd's brokers).

The regulator said the volume of new members joining it since its doors opened in July 2000 demonstrated the insurance industry's commitment to self-regulation.

Jim Beveridge, head of membership at the GISC, said the number of applications increased dramatically in the last two months of 2000.

He added that in terms of gross written premium, GISC members represented around 70% of the general insurance market.

“I am pleased but the figure only tells half the story,” he said.

“The most important fact is that our membership spans many sectors of the general insurance industry – it has always been essential to the GISC that the initial membership represented a broad cross section of practitioners.”