asked the Minister for the Environment if he will exercise his powers under section 6 (c) of the Building Societies (Amendment) Act, 1986, to make regulations to prevent a building society from requiring persons arranging their own house insurance to produce an up-to-date reinstatement valuation of a mortgaged property in view of the substantial fees for administrative costs which would be incurred by such persons; and if he will make a statement on the matter.
Written Answers. - Building Societies Legislation.
The working party on building society legislation which I have established is considering issues arising from the implementation of the Building Societies Regulations 1987, including that referred to in the question. I will decide what action, if any, is required in the light of the outcome of the working party's discussions.