What happens is that insurers have to provide that they have sufficient funds to meet their liabilities. The levy is a hypothecated tax that they have to pay so that their ability to meet their liabilities is monitored by the Financial Conduct Authority, the FCA—or the FSA, to those of us using old money. The insurer could not pre-empt the outcome of the consultation. That was something that they could not do and did not do, as I understand it.
Mesothelioma Bill [HL]
Proceeding contribution from
Lord Freud
(Conservative)
in the House of Lords on Wednesday, 5 June 2013.
It occurred during Debate on bills
and
Committee proceeding on Mesothelioma Bill [HL].
About this proceeding contribution
Reference
745 c233GCSession
2013-14Chamber / Committee
House of Lords Grand CommitteeLibrarians' tools
Timestamp
2015-03-26 19:28:27 +0000
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