House of Commons Amendments

Session 2013 - 14
Internet Publications
Other Bills before Parliament

Notices of Amendments: 28 November 2013
17

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(a)
where the relevant insurer is failing, or is likely to fail, to satisfy the

threshold conditions for which the regulator is responsible,

(b)
in connection with advancing—

(i)
if the regulator is the FCA, one or more of the FCA’s operational

objectives, or

(ii)
if the regulator is the PRA, one or more of the PRA’s objectives,

(c)
in conjunction with the exercise by the regulator, in respect of the

relevant insurer, of a power that is conferred on the regulator by or under

an enactment and is specified in the regulations, or

(d)
at the request of, or for the purpose of assisting, an overseas regulator of

a kind specified in the regulations.

(7)
The regulations may —

(a)
make provision about the procedure to be followed when exercising the

intervention power, including provision about consulting such persons as

may be specified in the regulations about a proposed exercise of the

power;

(b)
make provision requiring a regulator to give a relevant insurer notice in

writing specifying how the intervention power has been exercised in

relation to that relevant insurer;

(c)
make provision about when an exercise of the intervention power takes

effect;

(d)
make provision about the period for which a provision of regulations may

be disapplied or modified under the intervention power, including—

(i)
provision enabling a regulator to specify the period for which a

provision of regulations is disapplied or modified;

(ii)
provision for disapplying or modifying a provision of regulations

until a regulator provides for it to apply again or to apply again

without modification;

(e)
make provision requiring a regulator—

(i)
to send copies of a notice under paragraph (b) to the Secretary of

State and such other persons as may be specified in the

regulations;

(ii)
to notify such persons as may be specified in the regulations of

the exercise of the intervention power;

(f)
make provision requiring a regulator to publish such details about the

exercise of the intervention power as may be specified in the regulations;

(g)
make provision requiring a regulator to keep under review each case in

which a provision of regulations is disapplied or modified;

(h)
make provision about the matters to which a regulator is to have regard

in exercising its functions under the regulations.

(8)
Provision under subsection (7)(e) or (f) may allow for the omission of

information publication of which would in the opinion of the regulator be against

the public interest.

(9)
The intervention power may be exercised in respect of an obligation imposed by

regulations under section (Flood insurance obligations)(1) only so as to disapply

the obligation (and not so as to modify it).

(10)
The regulations may apply, or make provision corresponding to, any of the

provisions of the Financial Services and Markets Act 2000 or the Financial

Services Act 2012, with or without modification.

(11)
The provisions of the Financial Services and Markets Act 2000 or the Financial

Services Act 2012 referred to in subsection (10) include in particular—

Notices of Amendments: 28 November 2013
18

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(a)
provisions about gathering information and investigating, including

provisions as to powers of entry and search;

(b)
provisions as to criminal offences and disciplinary measures;

(c)
provisions for the grant of an injunction in relation to a contravention or

anticipated contravention;

(d)
provisions giving the Treasury, the FCA or the PRA powers to make

subordinate legislation;

(e)
provisions for the FCA or the PRA to charge fees;

(f)
provisions restricting liability in damages in relation to the discharge of

functions of the FCA or the PRA.

(12)
In this section “regulator” means the FCA or the PRA.

(13)
For—

“objective of the PRA”, see section 2F of the Financial Services and

Markets Act 2000;

“operational objective of the FCA”, see section 1B(3) of that Act;

“overseas regulator”, see section 55Q of that Act;

“threshold condition”, see section 55B of that Act.’.

Interpretation

Dan Rogerson

NC19

To move the following Clause:—

‘(1)
The Secretary of State may by regulations define for the purposes of this Part—

“insurer”;

“relevant insurer”.

(2)
Before making regulations under subsection (1) as to the meaning of “relevant

insurer”, the Secretary of State must consult such persons as the Secretary of State

thinks appropriate.

(3)
The Secretary of State may by regulations define for the purposes of sections (The

Flood Reinsurance Scheme) to (Disclosure of information: preparatory

purposes)—

“flood insurance”;

“household premises”.

(4)
The Secretary of State may by regulations define for the purposes of sections

(Flood insurance obligations) to (Intervention by the FCA or the PRA)—

“greater flood risk”;

“flood”;

“flood risk”;

“household premises”;

“insurance policy”;

“issue”, in relation to an insurance policy;

“the qualifying interest”, in relation to household premises.

(5)
Regulations under subsection (4) as to the meaning of “flood” may specify

descriptions of water that are, or are not, to be taken into account.

(6)
In sections (Flood insurance obligations) to (Intervention by the FCA or the

PRA)—

“the FCA” means the Financial Conduct Authority;

“the PRA” means the Prudential Regulation Authority;

Notices of Amendments: 28 November 2013
19

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“registered premises” means premises registered in the register maintained

under section (Register of premises subject to greater flood risk);

“risk band” has the meaning given by section (Register of premises subject

to greater flood risk)(2).’.

Period of operation

Dan Rogerson

NC20

To move the following Clause:—

‘(1)
Sections (The Flood Reinsurance Scheme) to (Intervention by the FCA or the

PRA) are repealed at the end of the period of 25 years beginning with the day on

which this Act is passed.

(2)
The Secretary of State may by order amend subsection (1) so as to bring forward

the day on which—

(a)
sections (The Flood Reinsurance Scheme) to (Disclosure of information:

preparatory purposes) are repealed;

(b)
sections (Flood insurance obligations) to (Compliance reports) are

repealed.

(3)
The Secretary of State may by order make provision in connection with—

(a)
the repeal of—

(i)
sections (The Flood Reinsurance Scheme) to (Disclosure of

information: preparatory purposes), or

(ii)
sections (Flood insurance obligations) to (Compliance reports),

or

(b)
the revocation of regulations under sections (The Flood Reinsurance

Scheme) to (Disclosure of information: preparatory purposes), at any

time before those sections are repealed,


including provision amending or repealing an enactment.

(4)
Provision made in an order by virtue of subsection (3) may, in particular,

include—

(a)
such provision for the transfer of property, rights and liabilities

(including pension liabilities of staff) relating to the FR Scheme as the

Secretary of State thinks fit;

(b)
provision about legal proceedings relating to anything done in

connection with the FR Scheme;

(c)
provision about the accounts of the FR Scheme;

(d)
provision about information held by the FR Scheme administrator.

(5)
The Treasury may by order amend subsection (1) so as to bring forward the day

on which sections (Functions of the FCA) to (Intervention by the FCA or the

PRA) are repealed.

(6)
The Treasury may by order make provision in consequence of the repeal of

sections (Functions of the FCA) to (Intervention by the FCA or the PRA),

including provision amending or repealing an enactment.’.

Notices of Amendments: 28 November 2013
20

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Regulations and orders

Dan Rogerson

NC21

To move the following Clause:—

‘(1)
A power to make regulations or an order under this Part is exercisable by statutory

instrument.

(2)
A power to make regulations or an order under this Part includes power to make

different provision for different purposes and different areas.

(3)
A power to make regulations or an order under this Part includes power to make

incidental, supplementary, consequential, transitional or transitory provision or

savings.

(4)
Subject to subsection (5), a statutory instrument containing regulations or an

order made under this Part is subject to annulment in pursuance of a resolution of

either House of Parliament.

(5)
A statutory instrument containing—

(a)
regulations under section (Scheme funding)(1) (FR Scheme funding),

(b)
regulations under section (The register: expenses of relevant bodies)

(expenses of relevant bodies in connection with the register),

(c)
regulations under section (Functions of the FCA) (functions of FCA),

(d)
regulations under section (Intervention by the FCA or the PRA)

(intervention by FCA or PRA), or

(e)
an order under section (Period of operation) (period of operation),


may not be made unless a draft of the instrument has been laid before, and

approved by a resolution of, each House of Parliament.’.



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