§ Mr. ChopeTo ask the Chancellor of the Exchequer if Bee Diseases Insurance Ltd. will be exempted from levy under the Policyholders Protection Act 1975; and if he will make a statement. [12760]
§ Ruth KellyBee Diseases Insurance Ltd. would be required to pay a levy were one to be raised under the Policyholders Protection Act 1975. However, on 1 December 2001 the Financial Services Compensation Scheme (FSCS) will supersede the Policyholders Protection Scheme (established under the Policyholders Protection Act 1975). The Financial Services Authority has consulted on the rules for the FSCS and will be issuing the rules shortly.