HL Deb 23 July 1973 vol 344 cc1580-1

[No. 33]

Clause 28, page 23, line 16, leave out "three" and insert "twelve".


My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 33. This Amendment extends the minimum period which must be allowed before an Order increasing the solvency margin can come into force. In practice, insurance companies could have a longer period for compliance with such an Order. This is because the margin is calculated by reference to the premium income of the preceding financial year of the company. It is doubtful whether any Order would be so drafted as to require the margin to be calculated on a new basis otherwise than in respect of a financial year commencing after the date of the coming into force of the Order, but it was thought that the extension proposed was reasonable and the Amendment was therefore accepted. I beg to move.

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