HL Deb 23 July 1973 vol 344 cc1561-2

[Nos. 9 and 10]

Clause 4, page 4, line 36, leave out from "statement" to "any" in line 40 and insert "of the names and connection with the company of any persons who during the period to which the other documents deposited under that subsection relate— (a) were authorised by the company to issue, or to the knowledge of the company have issued,

Clause 4, page 5, line 1, leave out "are" and insert "were".


My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 9, with which, with leave, we could consider No. 10. Subsection (2) of Clause 4, which was added when the Bill was first in this House, supplements the requirements to be made by regulations under Clause 42, that an intermediary who is connected with an insurer in a manner to be prescribed, for example as its subsidiary, shall reveal that fact in inviting a potential policy holder to enter into a contract with that insurer, so that the policy holder may be aware that the advice is not necessarily unbiased.

Amendment No. 9 recognises that some intermediaries to whom such requirements may be applied may act without any formal authorisation from the insurer concerned. The existing text requires the "register" of names of any such connected intermediaries which is to be included by an insurer in its annual returns to refer to those who were authorised by the insurer as at the last day of the year to which the returns relate. This would be inappropriate where there is no formal authorisation, and the Amendment therefore alters the subsection so as to include in the register also "connected" intermediaries who have to the knowledge of the company issued invitations at any time during the period to which the returns relate. Amendment No. 10 makes a minor consequential Amendment to paragraph (b) of Clause 4(2).

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