3.The Financial Services Task Force set up as part of the Government's Deregulation Initiative recommended abolition or major changes to the Industrial Assurance Acts. 4.The Government issued a consultation paper last year on two possible ways forward - either abolishing or making major changes to the legislation. The majority of respondents favoured abolition. 5.The power for Ministers to make deregulations orders was introduced by the Deregulation and Contracting Out Act 1994. These orders can make changes to, or repeal, primary legislation.
Orders are subject to a consultation process.
They are scrutinised under a Parliamentary procedure, going first to the Deregulation Committee in the House of Commons and the Delegated Powers Scrutiny Committee in the House of Lords before being laid before Parliament for approval.