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Building Societies (Funding) and Mutual Societies (Transfers) Bill

I join my noble friend in paying tribute to Sir John Butterfill for introducing this Bill; we dealt with that at Second Reading but I would like to repeat it. I said to the Minister just before we started our proceedings that my only question was how the insurance provisions would be dealt with, so I was glad that he answered that in his introductory remarks. When I read the amendments, I could not see how insurance companies were being brought within the provisions. Following my noble friend’s comments, I have one question about hybridity. Is there any precedent for the new subsection contained in Amendment No. 1? Like my noble friend, I am concerned that we are creating a precedent with this Bill for disregarding hybridity, which is one of the lesser known but important areas of how we regulate our business.