HC Deb 13 May 1993 vol 224 cc1010-1

Queen's Recommendation having been signified—

Motion made, and Question proposed, That, for the purposes of any Act resulting from the Reinsurance (Acts of Terrorism) Bill, it is expedient to authorize—

  1. (a) the payment out of money provided by Parliament of such sums as may be necessary to enable the Secretary of State to meet such obligations of his as are mentioned in the Act;
  2. (b) the payment of any sums into the Consolidated Fund—[Mr. Robert G. Hughes.]

8.16 pm
Mr. Bell

The Bill comes before the House as a result of the shortage of capacity in the worldwide reinsurance market and because of the fact that certain European reinsurance companies withdrew their support from our insurance market. It is therefore less to do with terrorism than with insurance.

Under clause 1, the power of the state comes in behind the insurance market and stands four square behind the market of the City of London. We welcome that.

Under clause 2, the Treasury will undertake any liability that may flow from the Bill. We welcome the involvement of the Treasury. We see that a mutual company is to be created, and we welcome that idea and urge all reinsurance companies in the country fully to involve themselves.

We see that the DTI will have certain responsibilities —two posts will be required. We know that the Department is responsible for oversight of our insurance market, so we welcome that aspect of the Bill too.

We commend the Third Reading of the Bill—

Madam Deputy Speaker (Dame Janet Fookes)

Order. Perhaps I should let the hon. Gentleman know that we are discussing the money resolution, not Third Reading—although they may be virtually indistinguishable.

Mr. Bell

Since they are virtually indistinguishable, I shall leave my comments at that.

Question put and agreed to.

The House, pursuant to Order [7 May], immediately resolved itself into a Committee on the Bill. Bill reported, without amendment.

Motion made, and Question proposed, That the Bill be now read the Third time.—[Mr. Neil Hamilton.]

Mr. Bell

Having ensured that the money resolution and Third Reading are not mutually exclusive in lawyers' terms, I shall not repeat my earlier remarks. I shall say only that the final message from the Opposition, which is similar to that from the Government, is that there is no future in terrorism, destruction and death. No political solutions are on offer. The message to the IRA, or any other terrorist organisation, is that it is not worth it—it is not worth a bean. I hope that that message comes over cleafrly.

Question put and agreed to.

Bill read the Third time, and passed.