Insurance Act, 1936

Rates of premiums order.

107.—(1) The Minister, if and whenever he thinks proper so to do, after consultation with such assurance companies as he thinks fit or with any association representing assurance companies, and with the Committee of Lloyd's, may by order (in this section referred to as a rates of premiums order) fix the rates which may be charged by assurance companies or syndicates by way of premiums in respect of all or any classes of contract of employers' liability insurance business and of mechanically propelled vehicle insurance business.

(2) Every rates of premiums order shall come into operation on such day (not being earlier than the date of such order) as the Minister shall by such order appoint.

(3) Without prejudice to any general power of revocation or amendment conferred by this section,’ the Minister shall, within three years after making a rates of premiums order and thereafter at intervals of not more than three years, consider the rates of premiums fixed by such order or the latest amendment thereof (as the case may be) and, if he so thinks fit, revise the said rates of premiums and for that purpose either amend such order or revoke such order and make a new order in lieu thereof.

(4) Whenever and so long as a rates of premiums order is in force in respect of any class of assurance business, no assurance company or syndicate shall charge for any assurance within such class of assurance business a premium which is greater than the appropriate premium fixed by such order.

(5) The Minister may at any time by order amend or revoke an order made by him under this section, including an order made under this sub-section.