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

back to previous amendments
 
  
Clause 359
 
  
BY THE LORD McINTOSH OF HARINGEY
 
106     Page 195, line 3, leave out from ("An") to ("may") in line 4 and insert ("insurer effecting or carrying out contracts of long-term insurance") 
107     Page 195, line 6, leave out ("a company") and insert ("an insurer") 
108     Page 195, line 8, leave out first ("company") and insert ("insurer") 
109     Page 195, line 8, leave out second ("company") and insert ("insurer") 
110     Page 195, line 23, leave out ("company") and insert ("insurer") 
111     Page 195, line 28, leave out from ("an") to end of line and insert ("insurer effecting or carrying out contracts of long-term insurance") 
  
Clause 362
 
  
BY THE LORD McINTOSH OF HARINGEY
 
112     Page 196, line 21, leave out from first ("an") to ("the") and insert ("authorised person with permission to effect or carry out contracts of insurance,") 
113     Page 196, line 25, leave out from first ("an") to first ("the") in line 26 and insert ("authorised person with permission to effect or carry out contracts of insurance,") 
  
Clause 369
 
  
BY THE LORD McINTOSH OF HARINGEY
 
114     Page 199, line 40, leave out from beginning to end of line 1 on page 200 and insert ("insurer which effects or carries out contracts of long-term insurance") 
115     Page 200, line 3, leave out from beginning to ("with") and insert ("insurer's business so far as it consists of carrying out the insurer's contracts of long-term insurance") 
116     Page 200, line 4, leave out from ("to") to end of line 5 and insert ("a person who may lawfully carry out those contracts") 
117     Page 200, line 11, leave out from first ("the") to ("require") and insert ("insurer attributable to contracts of long-term insurance effected by it") 
118     Page 200, line 12, leave out ("of the business") 
119     Page 200, line 13, leave out ("of the business") 
120     Page 200, line 22, leave out from ("contracts") to end of line 23 and insert ("of long-term insurance effected by the insurer") 
121     Page 200, line 27, leave out from first ("the") to end of line and insert ("insurer's business so far as it consists of carrying out its contracts of long-term insurance") 
122     Page 200, line 29, after ("that") insert ("part of the insurer's") 
123     Page 200, line 30, leave out from ("contracts") to second ("that") in line 31 and insert ("of long-term insurance effected by the insurer") 
124     Page 200, line 31, leave out ("its") 
125     Page 200, line 31, at end insert ("of that part of the insurer's business") 
126     Page 200, line 36, leave out ("company") and insert ("insurer") 
  
Clause 370
 
  
BY THE LORD McINTOSH OF HARINGEY
 
127     Page 200, line 40, leave out ("insurance company") and insert ("insurer") 
128     Page 200, line 43, leave out ("company's") and insert ("insurer's") 
  
Clause 371
 
  
BY THE LORD McINTOSH OF HARINGEY
 
129     Page 201, line 4, leave out ("insurance company") and insert ("insurer") 
130     Page 201, line 6, leave out ("type of business of the company") and insert ("part of the insurer's business") 
131     Page 201, line 7, after ("that") insert ("part of the insurer's") 
132     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
 
133     Page 201, line 12, leave out ("insurance company") and insert ("insurer") 
134     Page 201, line 16, leave out ("insurance companies) and insert ("insurers") 
135     Page 201, line 23, leave out ("company") and insert ("insurer") 
  
Clause 383
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
136     Page 208, line 43, leave out from ("128(1)") to end of line 2 on page 209 and insert ("by the person concerned, the Authority must either itself refer the matter or give the person concerned a notice of discontinuance in relation to it") 
  
Clause 385
 
  
BY THE LORD McINTOSH OF HARINGEY
 
137     Page 210, line 37, after (" 86(4)(b),") insert ("(Public censure of sponsor)(2),") 
138     Page 210, line 41, after (" 86(6)(b),") insert ("(Public censure of sponsor)(3),") 
139     Page 210, line 41, leave out (" 195(5)(a),") 
  
Clause 390
 
  
BY THE LORD McINTOSH OF HARINGEY
 
140     Page 215, line 19, after ("statement") insert (", promise or forecast") 
  
Clause 397
 
  
BY THE LORD McINTOSH OF HARINGEY
 
141     Page 219, line 34, at end insert--
 
    ("(  )  The Treasury may prescribe circumstances in which loss suffered by a person ("A") acting in a fiduciary or other prescribed capacity is to be treated, for the purposes of an authorised scheme, as suffered by a private person in relation to whom A was acting in that capacity.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
[As an amendment to Amendment 141]
 
142     Line 3, after ("capacity") insert ("for a private person") 
  
Clause 402
 
  
BY THE LORD McINTOSH OF HARINGEY
 
143     Page 222, line 22, leave out ("Authority") and insert ("Treasury") 
  
Clause 407
 
  
BY THE LORD McINTOSH OF HARINGEY
 
144     Page 225, line 17, leave out ("or other document to be given") and insert (", direction or document of any kind to be given or authorises the imposition of a requirement") 
  
After Clause 408
 
  
BY THE LORD McINTOSH OF HARINGEY
 
145     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).
  
Clause 411
 
  
BY THE LORD McINTOSH OF HARINGEY
 
146     Page 229, line 22, leave out (" 420(2)") and insert (" 420(3)") 
  
Clause 412
 
  
BY THE LORD McINTOSH OF HARINGEY
 
147     Page 229, line 41, after ("13(9)(a)") insert ("or (aa)") 
  
Clause 413
 
  
BY THE LORD McINTOSH OF HARINGEY
 
148     Page 230, line 12, after ("13(9)(c)") insert ("or (cc)") 
  
After Clause 415
 
  
BY THE LORD McINTOSH OF HARINGEY
 
149     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 416
 
  
BY THE LORD McINTOSH OF HARINGEY
 
150     Leave out Clause 416 
  
Clause 418
 
  
BY THE LORD McINTOSH OF HARINGEY
 
151     Page 232, line 31, leave out ("The Treasury") and insert ("A Minister of the Crown") 
152     Page 232, line 32, leave out ("they consider") and insert ("he considers") 
153     Page 232, line 34, leave out ("of its provisions or for giving full effect to it") and insert ("provision made by or under this Act or for giving full effect to this Act or any such provision") 
154     Page 232, line 40, at end insert--
    ("(  )  for applying (with or without modifications) or amending, repealing or revoking any provision of or made under an Act passed before this Act or in the same Session;
    (  )  dissolving any body corporate established by any Act passed, or instrument made, before the passing of this Act;")
 
155     Page 232, line 42, after ("repeal") insert ("or revocation") 
  
Clause 420
 
  
BY THE LORD McINTOSH OF HARINGEY
 
156     Page 233, line 46, leave out ("the Treasury") and insert ("a Minister of the Crown") 
  
After Clause 420
 
  
BY THE LORD NEWBY
THE LORD SHARMAN
THE LORD SAATCHI
THE LORD KINGSLAND
 
157     Insert the following new Clause-- 
     ("  .--(1)  The Treasury must publish a draft of any regulations or orders proposed to be made under this Act in the way appearing to them to be best calculated to bring it to the attention of the persons likely to be affected by the proposed regulations or order.
 
    (2)  The draft must be accompanied by--
    (a)  an explanation of the purpose of the proposed regulations or order; and
    (b)  notice that representations about the proposals may be made to the Treasury within a specified time.
    (3)  Before making the proposed regulations or order, the Treasury must publish an account in general terms of--
    (a)  the representations made to them in accordance with subsection (2)(b); and
    (b)  their response to them.
    (4)  If the regulations or order made by the Treasury differ from the draft published under subsection (1) in a way which is, in the opinion of the Treasury, significant, the Treasury must (in addition to complying with subsection (3)) publish details of the differences.
 
    (5)  Subsections (1) to (4) do not apply if the Treasury consider that the delay involved in complying with them would be prejudicial to the interests of consumers.")
Publication of draft regulations and orders.
 
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