HC Deb 24 November 1909 vol 13 cc316-7

1 Except as hereinafter provided, every underwriter shall comply with the following requirements:—

(a) He shall deposit and keep deposited in such manner as the Board of Trade may direct a sum of two thousand pounds.

Amendment made: After "pounds" to insert the words "in respect of each class of business."

Drafting Amendments also made.

2. An underwriter who carries on fire insurance or accident insurance business, may, in lieu of complying with the above requirements, elect to comply with the under-mentioned conditions:—

  1. (a) All premiums by or on behalf of the underwriter in respect of fire and accident insurance business carried on by him either alone or in conjunction with any other non-marine insurance business for which special requirements are not laid down in this Schedule shall be placed in a trust fund in accordance with the provisions of a trust deed approved by the Board of Trade:
  2. (b) He shall also furnish security to the satisfaction of the Board of Trade (or, if the Board so direct, to the satisfaction of the committee of the association), which shall be available solely to meet claims under policies issued by him in connection with such business.

Amendment made: In paragraph (b) to leave out the words "such business," and to insert instead thereof the words "fire and accident business and any other non-marine business carried on by him for which special requirements are not laid down in this Schedule."

Drafting Amendments also made.

Schedule, as amended, agreed to.

Schedule 9 agreed to.

Bill reported; as amended, to be considered to-morrow (Thursday).