Member

I am going to finish by briefly talking about Amendment 130, which seeks to define premiums. As I said, there are an enormous number of fights, or there have been in the past, over what the word “premium” means in English law. It is something that insurers, reinsurers and all sorts of people worry about the whole time, therefore it is best always to be absolutely clear what you mean. It is clear in my mind that in this Bill we mean “premium plus IPT”—that is, that the amount of money that can be reclaimed when the landlord buys the insurance is the insurance premium and the IPT as well. It is important to be clear about that, otherwise inevitably there will be questions put of tribunals and so on that are trying to worry about this sort of thing. They will not have the scars on my back that I have after 30 years of fiddling around in the insurance markets. So it should be made crystal clear, and that was the intention behind Amendment 130. I beg to move.