Treasury minister Mark Hoban supports common rulebook

Treasury minister Mark Hoban says the Conservative/Lib Dem coalition government is backing the pan-European supervisor for insurance to be created next year with a common rule book for the industry, the FT reports.

Hoban said the UK government was a "strong believer" in the single market and supported the new supervisory architecture.

"National supervisors remain best placed to regulate the markets they know: but the new agencies will be best placed to deliver the common rulebook, underpinning the single market," Mr Hoban said in a speech to the Association of British Insurers.

"We are therefore committed to the creation of EIOPA, the European supervisory agency for insurance, in 2011. Likewise we are committed to ensuring it has appropriate rule-making capacity."