Financial Services and Markets Bill -
Amendments to be debated in the House of Lords
- continued
House of Lords

back to previous amendments
 
  
Clause 370
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 200, line 40, leave out ("insurance company") and insert ("insurer") 
     Page 200, line 43, leave out ("company's") and insert ("insurer's") 
  
Clause 371
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 201, line 4, leave out ("insurance company") and insert ("insurer") 
     Page 201, line 6, leave out ("type of business of the company") and insert ("part of the insurer's business") 
     Page 201, line 7, after ("that") insert ("part of the insurer's") 
     Page 201, line 9, leave out ("type of business of the company") and insert ("part of the insurer's business") 
  
Clause 372
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 201, line 12, leave out ("insurance company") and insert ("insurer") 
     Page 201, line 16, leave out ("insurance companies) and insert ("insurers") 
     Page 201, line 23, leave out ("company") and insert ("insurer") 
  
Clause 402
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 222, line 22, leave out ("Authority") and insert ("Treasury") 
  
After Clause 408
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
 Removal of certain unnecessary provisions 
     ("  .--(1) The following enactments are to cease to have effect--Provisions relating to industrial assurance and certain other enactments.
 
    (a)  the Industrial Assurance Act 1923;
1923 c. 8.
 
    (b)  the Industrial Assurance and Friendly Societies Act 1948;
1948 c. 39.
 
    (c)  the Insurance Brokers (Registration) Act 1977.
1977 c. 46.
     (2)  The Industrial Assurance (Northern Ireland) Order 1979 is revoked.
 
    (3)  The following bodies are to cease to exist--
    (a)  the Insurance Brokers Registration Council;
    (b)  the Policyholders Protection Board;
    (c)  the Deposit Protection Board;
    (d)  the Board of Banking Supervision.
    (4)  If the Treasury consider that, as a consequence of any provision of this section, it is appropriate to do so, they may by order make any provision of a kind that they could make under this Act (and in particular any provision of a kind mentioned in section 332) with respect to anything done by or under any provision of Part XXI.
 
    (5)  Subsection (4) is not to be read as affecting in any way any other power conferred on the Treasury by this Act.")
S.I. 1979/1574 (N.I. 13).
  
After Clause 415
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Insert the following new Clause-- 
     ("  .--(1) In this Act, references to--
    (a)  contracts of insurance,
    (b)  reinsurance,
    (c)  contracts of long-term insurance,
    (d)  contracts of general insurance,
are to read with section 20 and Schedule 2.
 
    (2)  In this Act "policy" and "policyholder", in relation to a contract of insurance, have such meaning as the Treasury may by order specify.
 
    (3)  The law applicable to a contract of insurance, the effecting of which constitutes the carrying on of a regulated activity, is to be determined, if it is of a prescribed description, in accordance with regulations made by the Treasury.")
Insurance.
  
Clause 422
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 235, line 10, at end insert--
 
    ("(2)  Except where Her Majesty by Order in Council provides otherwise, the extent of any amendment or repeal made by or under this Act is the same as the extent of the provision amended or repealed.
 
    (3)  Her Majesty may by Order in Council provide for any provision of or made under this Act relating to a matter which is the subject of other legislation which extends to any of the Channel Islands or the Isle of Man to extend there with such modifications (if any) as may be specified in the Order")
 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 251, line 6, at end insert-- 
 ("Effect of carrying on regulated activity when not qualified for authorisation 
     .--(1) This paragraph applies to an EEA firm which is not qualified for authorisation under paragraph 12.
 
    (2)  Section 24 does not apply to an agreement entered into by the firm.
 
    (3)  Section 25 does not apply to an agreement in relation to which the firm is a third party for the purposes of that section.")
 
     Page 252, line 16, leave out sub-paragraph (11) 
     Page 252, line 41, leave out from ("specified") to end of line 46 
     Page 253, line 1, leave out sub-paragraphs (3) to (6) 
     Page 253, line 17, leave out from ("must") to end of line 20 and insert (", within one month of receiving a notice of intention, send a copy of it to the host state regulator.
 
    (7A)  When the Authority sends the copy under sub-paragraph (7), it must give written notice to the firm concerned.
 
    (7B)  If the firm concerned's EEA right derives from the investment services directive, it must not provide the services to which its notice of intention relates until it has received written notice from the Authority under sub-paragraph (7A).")
 
     Page 253, line 21, leave out sub-paragraph (9) 
     Page 253, line 24, at end insert-- 
 ("Offence relating to exercise of passport rights 
     .--(1) If a UK firm which is not an authorised person contravenes the prohibition imposed by--
    (a)  sub-paragraph (1) of paragraph 18, or
    (b)  sub-paragraph (1) or (7B) of paragraph 19,
it is guilty of an offence.
 
    (2)  A firm guilty of an offence under sub-paragraph (1) is liable--
    (a)  on summary conviction, to a fine not exceeding the statutory maximum; or
    (b)  on conviction on indictment, to a fine.
    (3)  In proceedings for an offence under sub-paragraph (1), it is a defence for the firm to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.")
 
  
Schedule 6
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 256, line 26, leave out ("insurance contracts") and insert ("contracts of insurance") 
     Page 256, line 29, leave out ("deposit-taking,") and insert ("accepting deposits,") 
     Page 256, line 34, leave out from ("United Kingdom") to end of line 5 on page 257 and insert ("--
    (a)  its head office, and
    (b)  if it has a registered office, that office,
must be in the United Kingdom.
 
    (2)  If the person concerned has its head office in the United Kingdom but is not a body corporate, it must carry on business in the United Kingdom.")
 
     Page 258, line 5, after ("1") insert ("and 3") 
     Page 258, line 11, after ("1") insert ("and 3") 
     Page 258, line 13, at beginning insert ("the") 
  
Schedule 7
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 259, line 22, after ("if") insert ("--
    (  )  sub-paragraph (1) of")
 
     Page 259, line 23, at end insert ("; and
    (  )  for the words from the beginning to "(a)" in sub-paragraph (3) of that paragraph, there were substituted "Sub-paragraph (2) does not apply".")
 
  
Schedule 12
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 269, line 21, leave out ("long-term insurance business") and insert ("business which consists of the effecting or carrying out of contracts of long-term insurance") 
     Page 269, line 29, leave out ("general insurance business") and insert ("business which consists of the effecting or carrying out of contracts of general insurance") 
     Page 269, line 36, leave out ("given") 
     Page 269, line 44, leave out ("insurance companies") and insert ("persons who effect or carry out contracts of insurance") 
     Page 270, line 9, leave out ("insurance company,") and insert ("insurer,") 
     Page 270, line 10, after ("responsible") insert ("in Switzerland") 
     Page 270, line 10, leave out ("insurance companies in Switzerland") and insert ("persons who effect or carry out contracts of insurance") 
     Page 270, line 16, leave out ("insurance company" means a company") and insert ("insurer" means a body") 
     Page 270, line 19, leave out ("insurance contracts") and insert ("contracts of insurance") 
     Page 270, line 20, leave out ("reinsurance business") and insert ("the effecting or carrying out of contracts of reinsurance") 
     Page 270, line 29, leave out ("insurance companies") and insert ("persons who effect or carry out contracts of insurance") 
     Page 270, line 36, leave out ("insurance companies") and insert ("persons who effect or carry out contracts of insurance") 
     Page 271, line 1, leave out ("insurance business") and insert ("contracts of insurance") 
     Page 272, line 16, leave out ("insurance company") and insert ("insurer") 
     Page 272, line 25, leave out ("insurance company"") and insert ("insurer"") 
     Page 272, line 27, leave out ("general insurance business") and insert ("a regulated activity consisting of the effecting of contracts of general insurance") 
     Page 272, line 30, leave out ("long-term insurance business") and insert ("a regulated activity consisting of the effecting of contracts of long-term insurance") 
  
Schedule 18
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 285, line 36, at end insert--
 
    ("  .  In section 37 (restrictions on combinations of business), omit subsections (1), (1A) and (7A) to (9).")
 
     Page 285, line 37, leave out ("37") and insert ("38") 
     Page 287, line 39, leave out paragraph 17 
     Page 288, line 10, at end insert--
 
    ("  .  In section 6 (minimum and maximum number of members), omit subsections (2) to (6).
 
      .  In section 11 (loans), omit subsections (2) and (6).
 
      .  Omit sections 11B (loans approved by credit unions), 11C (grant of certificates of approval) and 11D (withdrawal of certificates of approval).")
 
     Page 288, line 13, leave out paragraphs (a) and (b) and insert ("omit subsections (2), (3), (5) and (6)") 
     Page 288, line 14, at end insert--
 
    ("  .  In section 28 (offences), omit subsection (2).")
 
  
Schedule 20
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 290, line 4, leave out paragraph 1 
     Page 291, line 3, leave out sub-paragraphs (5) to (7) 
     Page 291, line 36, leave out sub-paragraph (9) 
  
Schedule 22
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 293, line 38, at end insert-- 
 ("1923 c. 8.The Industrial Assurance Act 1923.The whole Act. 
 1948 c. 39.The Industrial Assurance and Friendly Societies Act 1948.The whole Act.") 
     Page 294, column 3, leave out lines 29 to 31 
     Page 294, line 11, at end insert-- 
 ("1977 c. 46.The Insurance Brokers (Registration) Act 1977.The whole Act.") 
     Page 294, line 12, column 3, at beginning insert-- 
 ("Section 6(2) to (6).

Section 11(2) and (6).

Sections 11B, 11C and 11D.")

 
     Page 294, line 13, column 3, leave out from ("14,") to end of line 16 and insert ("subsections (2), (3), (5) and (6)") 
     Page 294, line 16, column 3, at end insert-- 
 ("Section 28(2).")

 
     Page 294, line 18, column 3, leave out ("Part V.") 
     Page 294, line 36, column 3, after ("to") insert-- 
 ("36.
In section 37, subsections (1), (1A) and (7A) to (9).
Sections 38 to")
 
 
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