Section 20 Exception from requirement of third-party insurance.I1

Section 144 of the M1Road Traffic Act 1988 shall be amended as follows.

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 ”.

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.”