HC Deb 17 July 1973 vol 860 cc375-7

9.0 p.m.

The Parliamentary Secretary to the Civil Service Department (Mr. Kenneth Baker)

I beg to move Amendment No. 1, in page 1, line 12, at end insert: 'and an order under that subsection may make different provision in relation to different cases or circumstances'.

Mr. Deputy Speaker (Sir Robert Grant-Ferris)

It will be for the convenience of the House to take with this amendment Government Amendment No. 21.

Mr. Baker

Clause 1, as the members of the Committee will recall, deals with the higher requirements for the initial capital for an insurance company and also for the higher requirements for a solvency margin. Clause 28 deals with the solvency margin for a company which is operating. Clause I deals with the minimum requirements to be satisfied by a company at the time of application for authorisation as to the amounts of paid-up capital and uncommitted reserves. The solvency margin for the general business corresponds in the case of an established company with the uncommitted reserves. That is governed by Clause 28.

Amendment No. 21 adds the same words to Clause 28 as Amendment No. 1 adds to Clause 1. I accept that the Opposition made a good point in suggesting that this is a matter in which a degree of flexibility might be desirable. I believe that they will find that the amendments meet that point.

Amendment agreed to

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