In this article, based on a briefing, the Insurance Group at Slaughter and May consider the implications for the insurance sector of the Independent Commission on Banking's (ICB) final report and recommendations.

Further information on the ICB's final report and recommendations, together with detailed comments on the practical implications for the banking sector, can be found in a related Slaughter and May article, see Article, Resolving the dilemma of British banking: the final report of the Independent Commission on Banking.

For information on the implications for the insurance sector of the government's June 2012 white paper on banking reform, which set out proposals for implementing the main ICB recommendations, see Article, White paper on banking reform: potential implications for insurers.