Part I General
Insurance
I120 Exception from requirement of third-party insurance.
1
Section 144 of the M1Road Traffic Act 1988 shall be amended as follows.
2
In subsection (1) (which removes the requirement for third-party insurance or security where £15,000 is kept deposited with the Accountant General of the Supreme Court) for “£15,000” there shall be substituted “
£500,000
”
.
3
After subsection (1) there shall be inserted—
1A
The Secretary of State may by order made by statutory instrument substitute a greater sum for the sum for the time being specified in subsection (1) above.
1B
No order shall be made under subsection (1A) above unless a draft of it has been laid before and approved by resolution of each House of Parliament.