HL Deb 23 July 1973 vol 344 cc1557-8

[No. 1]

Clause 1, page 1, line 16, at end insert "and an order under that subsection may make different provision in relation to different cases or circumstances."


My Lords, I beg to move that the House doth agree with the Commons in their Amendment No. 1. It would, I think, be convenient to consider with this Amendment, No. 34. We have accepted the suggestion made in another place that there could be advantage in enabling the Secretary of State to prescribe different minimum financial standards under Clause 1 according to the class of insurance to be carried on. Clause 1, however, deals only with the minimum requirements to be satisfied by a company at the time of application for authorisation as to the amount 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 and this is governed by Clause 28. The second Amendment therefore adds the same words to Clause 28. I beg to move.

Moved, That this House doth agree with the Commons in the said Amendment.—(The Earl of Limerick.)