Clause 68.—(POWER OF BOARD OF TRADE TO RESTRICT CONDUCT OF INSURANCE BUSINESS, AND EFFECT OF EXERCISE OF THAT POWER.) (Hansard, 19 July 1967)

§ Mr. Jay

I beg to move, Amendment No. 238, in page 64, line 19, at the end to insert: () the restriction appropriate to the carrying on by an insurance company of ordinary longterm insurance business is that the company shall not effect a contract of insurance on human life or a contract to pay an annuity on human life or any such contract as is mentioned in paragraph (b) or (c) of subsection (6A) of that section; The effect of this Amendment is to remove from the subsection which sets out the restriction under Clause 68 appropriate to "ordinary long-term insurance business"—which is the new phrase now inserted in the Bill—the banning of the insurance company's right to vary long-term personal accident insurance contracts and capital redemption contracts. It will be remembered that those were two additional categories of business which were to be included in the phrase "ordinary long-term insurance business". The result of that is that the restriction on these two categories is reduced to a ban on the effecting of new contracts only. The need to change the order here results entirely from the renaming of "life assurance business" as "ordinary long-term insurance business". In addition to that, there is the necessity for maintaining the correct alphabetical order for the list of Clauses.