§ LORD SELSDONasked Her Majesty's Government:
When they expect to make regulations under Section 47(2)(a) of the Insurance Companies Amendment Act 1973 listing the types of asset and the indices to which life insurance policies may be linked.
§ THE PARLIAMENTARY UNDERSECRETARY OF STATE, DEPARTMENT OF TRADE AND INDUSTRY (THE EARL OF LIMERICK)My Department will shortly circulate to interested parties in the insurance industry and elsewhere a consultative note making positive proposals on the content of regulations on the types of asset and the indices to which life insurance policies may be linked. These regulations will be brought into effect as quickly as practicable, bearing in mind the need to allow adequate time for effective consultation before the regulations are made and for the industry to make any necessary changes in their arrangements.
In the meantime, insurance companies considering introducing policies linked to novel types of asset may think it prudent to consult my Department informally about their plans, in case they may be affected by the proposed S47 Regulations.