Mr. R. C. Mitchellasked the Secretary of State for Trade when he proposes to issue regulations under the Insurance Companies Amendment Act 1973 to control the operation of property funds and bond operators.
§ Mr. Clinton DavisSection 47 of the Insurance Companies Amendment Act 1973 provides powers to make regulations limiting the types of property to which long-term insurance policies can be linked in order to determine benefits, specifying how and by whom such properties shall be valued, and requiring information to be disclosed about the benefits. The first stage is to establish a list of types of property to be approved. I have already consulted widely on this aspect and hope to be able to make regulations soon. Other related regulations will follow as soon as practicable thereafter.