§ [Nos. 10 to 15.]
§ Clause 12, page 9, line 24, at the beginning insert ("This subsection applies in any case").
§ Clause 12, page 9, leave out lines 34 to 40.
§
Clause 12, page 9, line 40, at end insert—
("(2A) In any case to which subsection (2) above applies the Board may determine in the light of any recommendation contained in the actuary's report that the liability or benefit to which that recommendation relates shall be treated as reduced or disregarded for the purposes of sections 10 and 11 above; and where the Board so determine the liability or benefit in question shall be treated as reduced or (as the case may be) disregarded accordingly for the purposes of the application of section 10, of any provision of subsections (2) to (2D) of section 11, or of any provision of any regulations made under subsection (10) of section 11 above (as the case may require) in relation to the policy in question.")
§ Clause 12, page 9, line 41, at beginning insert ("This subsection applies").
§ Clause 12, page 9, page 10, leave out lines 10 to 12.
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§
Clause 12, page 9, line 12, at end insert—
("(3A) In any case to which subsection (3) above applies the Board may determine in the light of the value indicated in the actuary's report that the value attributed to the policy in question for the purposes of the claim in respect of the policy in the winding up shall be treated as reduced for the purpose of calculating the sum payable to the policyholder in accordance with subsection (7) of section 11 above; and where the Board so determine the value so attributed to the policy shall be treated as reduced for that purpose accordingly.")
§ 5.14 p.m.
§ Lord BESWICKMy Lords, I suggest that we take Amendments Nos. 10 to 15 inclusively; they all deal with the same point. When Clause 12 was discussed by your Lordships in Committee, the noble Lord, Lord Aberdare, expressed the view that the independent actuary would be faced with a very difficult task, and asked whether the Institute of Actuaries was happy with the clause. Subsequently, the Institute asked that the clause be amended in the way that I am now proposing. The Government were convinced by the arguments in favour of making this change, which I hope also meets with the approval of your Lordships. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(Lord Beswick.)
§ Lord ABERDAREMy Lords, I should like to express my deep gratitude.