§ 53. Mr. Trotterasked the Attorney-General whether, following the enactment of the Insurance Companies Amendment Act 1973, rules have been made under 27 Section 365 of the Companies Act 1948 with respect to the winding-up of insurance companies.
§ The Attorney-GeneralNo, Sir.
§ Mr. TrotterDoes the right hon. and learned Gentleman not agree that it would have been of great assistance to the liquidator of Nation Life if such rules had been made? Will he now give urgent attention to this problem?
§ The Attorney-GeneralIn the particular circumstances of that case it is highly unlikely that rules made in advance would have been of great assistance, but the position, now that we have had this case—it is the first one in a generation in which a company dealing with life business has had to be wound up—is that the lessons which are to be drawn from that liquidation will certainly be very much borne in mind, not merely in connection with any rules and regulations which may be brought forward but from the point of view of the Bill which my right hon. Friend the Secretary of State for Trade will be introducing this Session.