§ [No. 41]
§ Clause 37, page 30, line 35, leave out "9" and insert "(Restriction on transactions with connected persons)".
§ THE EARL OF LIMERICKMy Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 41. This clause allows specified business which is not ordinary long-term business to be treated as long-term business, and vice versa. This is an existing facility which is useful in saving expense and time, and is only allowed when the Department is satisfied that it does not represent a loss of protection to policyholders. The effect of the Amendment is to apply the provisions of Clause 37 to Clause 10, as amended, in addition to Clauses 7, 8 and 9. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(The Earl of Limerick.)