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Decimalisation (Insurance Premiums)

Volume 774: debated on Monday 25 November 1968

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asked the President of the Board of Trade whether he is aware that insurance companies are sending out notices entitled, Rounding Off General Business Premiums, which have the effect of increasing premium charges in anticipation of decimalisation of currency; and what action he proposes to take in the light of the Prices and Incomes policy.

I understand that some insurance companies are beginning to round off premiums in preparation for the decimalisation of their accounts. I do not consider this inconsistent with the Prices and Incomes policy provided that premiums are rounded up and down on the same basis so that insurers will not receive more premium in the aggregate.