§ Mr. Shersbyasked the Secretary of State for Trade when he proposes to lay before the House regulations arising from the Insurance Act 1973; and if he will give an assurance that they will be laid before legislation is introduced to provide additional protection for policy-holders of insurance companies.
§ Mr. Clinton DavisThe following regulations have been made under powers contained in the Insurance Companies Amendment Act 1973, since consolidated in the Insurance Companies Act 1974:
The Insurance Companies (Identification of Long Term Assets and Liabilities) Regulations 1973.
The Insurance Companies (Intermediaries) Regulations 1974.
The Insurance Companies (Intermediaries) (Amendment) Regulations 1974.
The Insurance Companies (Contents of Advertisements) Regulations 1974.
The Insurance Companies (Contents of Advertisements) (Amendment) Regulations 1974.
We have been anxious to take account of the views of the industry on the content of the regulations. Because of their complexity this has taken longer than expected but is now bearing fruit and I expect very shortly to make and lay before the House regulations, which are now being printed, for the valuation of assets. Several other sets of regulations are following on in different stages of preparation and I shall make and lay those as soon as they are ready. The legislation that I shall be introducing in this Session will provide protection for policyholders additional to that provided by the 1974 Act and the regulations made or to be made under it: it will not be dependent on the making of those regulations.