(1)Section 144 of the [1988 c. 52.] Road 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.”