HC Deb 07 April 1975 vol 889 c374W
Mr. Cryer

asked the Secretary of State for Trade, if he will place in the Official Report the circumstances in which his Department gave authority to recent insurance premium increases by the Prudential Assurance Co. Ltd.

Mr. Clinton Davis

Higher premium rates for motor vehicle insurance business were approved for the Prudential Assurance Co. Ltd. to apply from 1st March 1975. The previous increase was from 1st November 1973. The size of the increase was determined under a special formula for motor insurance premiums which is based on the principles of the Price Code and takes account primarily of unavoidable increases in the cost of claims.