HL Deb 23 July 1973 vol 344 c1600

[No. 57]

Clause 47, page 35, line 44, leave out from "instrument " to "House" in line 1 on page 36 and insert "and no such order shall be made unles a draft of it has been approved by resolution of each".


My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 57. The Amendment makes subject to the Affirmative Resolution procedure orders under Clauses 1 and 28 to vary the requirements as to minimum initial share capital, initial sufficiency of assets and the solvency margin for general insurance business. We have accepted the view that it would be right to apply the Affirmative procedure in these cases because they concern a power to vary the provisions of the Acts and because the exercise of the power could materially affect eligibility for entry into the industry and the technical solvency of companies already engaged in it.

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