§ Insert the following new Schedule—
§ ("AMENDMENTS OF INSURANCE COMPANIES ACT 1958 CONSEQUENTIAL ON SECTION (Classes of insurance business relevant for purposes of Part II, and definitions thereof) AND SUBSECTION (1) OF SECTION (Alteration of scope of the principal Act) OF THIS ACT
| Provision amended and Subject-matter thereof | Amendment |
| Section 3 (separation of funds relating to certain classes of business). | In subsection (1)(b), for the words 'two or more of the said classes' there shall be substituted the words 'both the said classes'. |
| In Subsection (5), for the words 'life assurance business, industrial assurance business, bond investment business and employers' liability insurance business' there shall be substituted the words 'ordinary long-term insurance business and industrial assurance business'. | |
| Section 5 (periodic investigation of certain companies by actuary). | In subsection (1), for the words 'life assurance business, industrial assurance business or bond investment business' there shall be substituted the words 'ordinary long-term insurance business or industrial assurance business'. |
| Section 11 (provisions as to certain amalgamations and transfers). | In subsection (1), in paragraphs (a) and (b), the words 'or employers' liability insurance business' shall be omitted and, in the proviso, the words 'carrying on life assurance business or industrial assurance business', the word 'that', where secondly occurring, and the word 'life', where last occurring, shall be omitted, and after the words 'in the company' there shall be inserted the words that is attributable to the carrying on of ordinary long-term insurance and industrial assurance business'. |
| In subsection (2)(b), the words 'except in relation to a transfer of employers' liability insurance business' shall be omitted, and for the words 'sinking fund or bond investment' there shall be substituted the words 'or capital redemption'. | |
| Section 33 (interpretation). | In subsection (1), immediately before the definition of 'chairman' there shall be inserted the following definition:— |
| '"capital redemption business" means such business as, by virtue of paragraph (c) of subsection (6) of section (Classes of insurance business relevant for purposes of Part II, and definitions thereof) of the Companies Act 1967, falls within the definition in that subsection of ordinary long-term insurance business', | |
| in the definition of 'general business', the words 'of a class or classes specified in section one of this Act' shall be omitted, in the definition of 'long-term business', for the words 'business of all or any of the following classes, namely, life assurance business, industrial assurance business and bond investment business' there shall be substituted the words 'business of either or both of the following classes, namely, ordinary long-term insurance business and industrial assurance business', for the definition of 'policy', there shall be substituted the following definition:— | |
| 'policy— | |
| (a) in relation to ordinary long-term insurance business and industrial assurance business, includes an instrument evidencing a contract to pay an annuity upon human life; | |
| (b) in relation to insurance business of any other class (except capital redemption business) includes any policy under which there is for the time being an existing liability already accrued or under which a liability may accrue; and | |
| (c) in relation to capital redemption business, includes any policy, bond, certificate, receipt or other instrument evidencing the contract with the company', | |
| and, in the definition of policy holder', for the words 'bond investment business' there shall be substituted the words 'capital redemption business', immediately before the word bond ', where secondly occurring, there shall be inserted the word 'policy', and for paragraphs (a) to (c) there shall be substituted the following paragraphs:— | |
| '(a) in relation to such ordinary long-term insurance business or industrial assurance business as consists in the granting of annuities upon human life, includes an annuitant; and | |
| (b) in relation to insurance business of any kind other than such as is mentioned in the foregoing paragraph or capital redemption business, includes a person to whom, under a policy, a sum is due or a periodic payment is payable'.") |
§ Schedule 5, page 104, line 38, after ("(6)") insert ("at the beginning there shall
§ Schedule 5, page 104,line 41, at end insert—
| Provision amended and Subject-matter thereof | Amendment |
| ("Section 6 (statements of business by Committee of Lloyds, &c.) | In subsection (1), for the words 'under and for the purposes of subsection (6) of section one of this Act' there shall be substituted the words 'for the purposes of Part II of the Companies Act 1967' |
| Section 13 (margin of solvency for general business]. | In subsection (2)(b), the words '(whether or not being insurance business of a class specified in section one of this Act)' shall be omitted.") |
§ Schedule 5,Page 105, line 13, at end insert—
| ("Section 24 (bond investment companies). | For the words 'bond investment business' there shall be substituted the words 'capital redemption business in the case of which the premiums in return for which a contract is effected are payable at intervals of less than six months'.") |
§ Schedule 5,Page 105, line 13,at end insert—
| ("Section 32 (expenses). | In subsection (1), the reference to the Act shall include a reference to Part II of this Act.") |
§ Schedule 5,Page 105, line 13,leave out lines 17 to 19.
§
Page 105,line 20, column 2, at beginning insert—
("In paragraph 7, in the proviso, for the words 'life assurance fund' there shall be substituted the words 'ordinary long-term insurance fund'.")
§ Schedule 5,Page 105, line 38, at end insert—
| ("Schedule 3 (rules for valuing policies and liabilities). | In paragraph 3, for the words 'a bond investment policy' there shall be substituted the words 'a capital redemption policy'; in paragraph 4, for the words 'a current fire, accident, motor vehicle, marine, aviation or transit policy' there shall be substituted the words 'a current policy of any kind other than a life policy or a capital redemption policy'; and in paragraph 5, for the words 'a periodic payment under an accident or motor vehicle policy' there shall be substituted the words 'a periodic payment under a policy, being a payment in respect of personal injury or of disease'; and paragraphs 6 and 7 shall be omitted'.") |
§ Schedule 5,Page 106, line 32, leave out ("for the references")
§ Schedule 5,Page 106,line 34, at end insert ("for the references to a company there shall be substituted
§ Schedule 5,Page 107, line 30, at end insert—
| ("16 & 17 Geo. 5. c. 9. | The Economy (Miscellaneous Provisions) Act 1926. | In section 13, subsection (2), and, in subsection (4), the words from the beginning to 'and thereafter'.") |
| ("19 & 20 Geo. 5. c. 28. | The Industrial Assurance and Friendly Societies Act 1929. | Section 3(5).") |
| Schedule 5,Page 107,line 31, column 3, at beginning insert— | ||
| ("Section 53(6). | ||
| In section 329, the words 'with or without hard labour'. | ||
| In section 438, the words 'with or without hard labour'.") | ||
| ("In section 124(1), in the proviso, the words from 'and (d)' onwards.") | ||
| Schedule 5,Page 108, column 3, leave out line 7 and insert— | ||
| "In section 3, in subsection (1), the words 'Subject to the provisions of this Act'; in subsection (2), the words 'Subject as aforesaid'; and subsections (3) and (4)." |
§ be inserted the words 'With the exception of section 6(1) thereof and")
§ Schedule 5,Page 107,line 34, leave out from ("of") to end of line 35 and insert ("any class")
§ Schedule 5,Page 107,line 36, leave out first ("and")
§ Schedule 5,Page 107,line 38, at end insert ("and the words 'in respect of insurance business of any class specified in section one of this Act' shall be omitted")
§ stituted references to a collecting society and for the references")
§ Schedule 6, page 107, line 30, column 3, at end insert ("In Schedule 1, the entry relating to section 21")
1289| Schedule 6, page 107,leave out line 8 and insert— | ||
| ("In section 33, in subsection (1), the definition of interest ', and subsection (5). | ||
| Section 34(4).") |
§ Schedule 7, page 108,line 22, at end insert—
| ("PART (Repeal in the Industrial Assurance and Friendly Societies Act 1929) | ||
| REPEAL IN THE INDUSTRIAL ASSURANCE AND FRIENDLY SOCIETIES ACT 1929 | ||
| Provision | Extent of Repeal | Time at which Repeal is to take Effect |
| Section 3. | Subsection (1) in so far as it penalises industrial assurance companies, but except in relation to failures by them occurring before the passing of this Act. | The passing of this Act.") |
| Subsection (4) in so far as it penalises such companies, but except in relation to issues of premium receipt books before the passing of this Act. | ||
| Schedule 7, page 109, line 15, at end insert— | ||
| ("Section 169. | The whole section. | The passing of this Act. |
| Section 170. | In subsection (1)(a) the words 'by the Director of Public Prosecutions or by or on behalf of the Lord Advocate'. | |
| Schedule 7, page 109, line 27, at end insert— | ||
| ("Section 425. | In subsection (1), the proviso. | The expiration of the period of three months beginning with the day on which this Act is passed.") |
| Schedule 7, page 109,line 30 at end insert— | ||
| ("Section 454. | In subsection (2), in paragraph (a), the words from 'the Twelfth Schedule' to 'that Schedule'. | The expiration of the period of three months beginning with the day on which this Act is passed.") |
| Schedule 7, page 110, line 16, at end insert— | ||
| ("Schedule 12. | The whole Schedule. | The expiration of the period of three months beginning with the day on which this Act is passed.") |
§ Schedule 7, page 110,line 21, at end insert—
| ("PART (Repeal in the Industrial Assurance and Friendly Societies Act 1948) | ||
| REPEAL IN THE INDUSTRIAL ASSURANCE AND FRIENDLY SOCIETIES ACT 1948 | ||
| Provision | Extent of Repeal | Time at which Repeal is to take Effect |
| Section 16. | Subsection (2) so far as relating to industrial assurance companies, but except in relation to contraventions or failures occurring before the passing of this Act. | The passing of this Act.") |
| ("PART (Repeal in the Reserve and Auxiliary Forces (Protection of Civil Interests Act 1951) | ||
| REPEAL IN THE RESERVE AND AUXILIARY FORCES (PROTECTION OF CIVIL INTERESTS ACT 1951) | ||
| Provision | Extent of Repeal | Time at which Repeal is to take Effect |
| Section 57. | Subsection (5) so far as relating to industrial assurance companies, but except in relation to contraventions or failures occurring before the passing of this Act. | The passing of this Act.") |
§ Schedule 7, Page 110,line21, leave out lines 28 to 30.
§ Schedule 7, Page 110,line21,leave out lines 34 to 40.
§ Schedule 7, Page 111, line 16, at end insert—
| ("Section 33. | In subsection (1), the definitions of 'accident insurance business', 'bond investment business', 'employers' liability insurance business', and 'fire insurance business'; the definition of 'life assurance business', except for the purposes of section 29(8) of the Finance Act 1966; the definitions of 'marine aviation and transit insurance business' and 'motor vehicle insurance business'; and, in the definition of 'court', the words 'except in the provisions of this Act relating to deposits'. Subsections (2), (3) and (4). | |
| Section 34. | In subsection (3), the words 'or subsection (3) of section thirty-three thereof'. | |
| Section 35. | Subsection (2).") | |
| Schedule 7, Page 111, line 20, column 2, leave out ("paragraph 11") and insert ("paragraphs 11 and 12"). | ||
| Schedule 7, Page 111, line 32, at end insert— | ||
| ("Section 15. | In subsection (1), the words 'Subject to subsection (3)' and paragraphs (b), (c) and (d), and subsection (3). | The passing of this Act.") |
| Section 20. | The whole section. |
§ LORD HUGHESMy Lords, with the permission of the House, I beg to move that this House doth agree with the Commons in Amendments Nos. 262 to the final Amendment, No. 351. All these Amendments are either consequential or are not controversial.
Moved, That this House doth agree with the Commons in the said Amendments.—(Lord Hughes.)
§ LORD DRUMALBYNMy Lords, is this to be taken as an Amendment to the speech of the noble Lord, Lord Boothby?
§ LORD HUGHESMy Lords, it may be noted that I arranged matters with the noble Lord, Lord Boothby, in advance.
§ On Question, Motion agreed to.
1292§ 6.16 p.m.
§ LORD CARRINGTONMy Lords, I do not think that, as Leader of the Opposition in this House, I ought to let this Bill go without saying a word about the way in which this House and Parliament have been treated. This afternoon's proceedings have been a charade.
§ LORD BOOTHBYA farce!
§ LORD CARRINGTONI agree with the noble Lord, Lord Boothby—a farce and a charade. I greatly admire my noble friend Lord Erroll of Hale and Lord Drumalbyn who, in the space of a very few days, have been compelled to examine 351 new Amendments including 43 new clauses. Most of these were inserted on Report stage in another place and therefore were not capable of amendment in another place. All of them came up to 1293 this House and we have had to discuss them in one afternoon. It may be thought that perhaps we have not spent so long as we should have in discussing these Amendments, but anybody who knows anything about Parliamentary business, or about the way Bills are discussed in this House, knows that it is essential for an Opposition to consult the professional bodies who are available and who have expert knowledge—in this case, such bodies as the Institute of Directors and the C.B.I. In the short time available, it was almost impossible to do that, and I congratulate my noble friends on doing the best they can. Does the noble Lord, Lord Walston, think this funny?
§ LORD WALSTONMy Lords, I was taking up what the noble Lord said about "the best they can".
§ LORD CARRINGTONMy Lords, I do not happen to think it is funny. I think that it is a complete contempt of Parliament. It is not the way to legislate. There has been no time for any amendment. I must ask the noble Lord the Deputy Leader of the House to assure the House that this sort of procedure will not take place in future. My noble friends and I are greatly concerned, and as a Parliamentarian I am really angry at it.
§ LORD SHACKLETONMy Lords, I certainly do not take the noble Lord's remarks lightly. Whatever else I may feel, we have at least had the pleasure of his strongly expressed eloquence, and I certainly do not resent the way he puts these matters. I do not think that the noble Lord wants me to go over again the details of the eloquent defence of my noble friend Lord Shepherd, who is now in sunnier, but I think not cooler, climes than we are in at the moment.
I will certainly give a personal assurance to noble Lords opposite that I shall do my utmost, and I give this assurance to my noble friends on this side of the House, who have also had to bear a difficult brunt. I express my gratitude to noble Lords on both sides of the House. We have asked a lot of them, as we have of the Hansard writers and the staff. It is true that in previous years we have sat later. On this occasion we are as anxious as anyone to try to meet the wishes of your Lordships with 1294 regard to the holiday. I would say to the noble Lord, Lord Carrington, that I have noted what he has said. I do not think that your Lordships will want to pursue this discussion any further. We have some Scottish Business which (though perhaps I should not suggest this) should interest the noble Lord, Lord Boothby, and I hope that we can now proceed. With that assurance, I should like to wish noble Lords a very pleasant rest after their labours.
§ LORD SILKINMy Lords, I agree with every word that the noble Lord, Lord Carrington, said. I have said them myself in the years gone by; in fact, I have made about 13 similar speeches at about this time of year. The trouble is not with the Government. I do not think it is fair to blame the Government, unless perhaps they are too ambitious in trying to get too much legislation through in too short a time. I think it is time that we began to look at our procedure more carefully, so that we are not put in this position year after year. So long as we maintain the present kind of procedure we are going to find ourselves clogged up every July. The Commons take up time and go into these things meticulously.
The noble Lord said yesterday that it does not appeal to him that we should point out that they have gone into these things meticulously and that to a certain extent we might accept their investigation. I agree with him that we have a duty as well, and we are not able to do our duty. However, it is no good railing against the Government and trying to get assurances from them so long as we have not gone into the whole system. I hope that we shall, and that we shall try to find some solution for this. It may be that starting legislation in this House more than we have done would help towards a solution. This Bill, of course, was started here, but perhaps we should do much more of it. I would ask my noble friend, not to give assurances that this state of affairs will not happen again, because it will, but to impress on the Government that something fundamental and basic must be done if we are not going to be put in this position every year.
§ LORD SHACKLETONMy Lords, I am sure we do not want to prolong this irregular debate. Every word that has 1295 been said has been carefully noted. I certainly cannot promise that we shall not have trouble in the future: I am really too new as Deputy Leader, and I certainly should not wish to bind my noble friend Lord Beswick. I can only say that we will, at least, use our best endeavours, as the noble Earl, Lord St. Aldwyn, and my noble friend have done in the past. My noble friend Lord Silkin made some interesting points, but I do not think this is the moment to discuss them.