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349511
star this property registered interest false more like this
star this property date less than 2015-06-10more like thismore than 2015-06-10
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Mesothelioma: Compensation more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty’s Government, with regard to the compensation payments awarded under the Mesothelioma Act 2014, what is their estimate of (1) the difference between the actuarial calculations on which they based their assumptions for payments of compensation and the payments now being made by insurance companies; and (2) how much such companies will save in each of the next 10 years compared with the original legislative assumptions. more like this
star this property tabling member printed
Lord Alton of Liverpool more like this
unstar this property uin HL380 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-06-18more like thismore than 2015-06-18
star this property answer text <p /> <p>No actuarial calculations were carried out in relation to the payments that would be made by the Diffuse Mesothelioma Payment Scheme. The tariff table, which sets out the rate of payment according to age at diagnosis, is based on an average of similar payments made under civil compensation.</p><p> </p><p>The Impact Assessment published in March 2014 estimated that £93.7m would be paid out by the Scheme in the first year of its operation, and £412.4m would be paid out over the first 10 years.</p><p> </p><p>Initial application volumes were lower than anticipated so the amount levied on the insurance industry for the period 2014/15 was £32m. It is too early to estimate what the application volumes will be over the next 10 years given volumes received to date. As this is a demand led scheme, the calculations for the levy are done afresh each year. An upturn in applications to the Scheme would result in a higher levy rate in future years.</p> more like this
star this property answering member printed Baroness Altmann more like this
star this property question first answered
less than 2015-06-18T13:31:33.04Zmore like thismore than 2015-06-18T13:31:33.04Z
star this property answering member
4533
star this property label Biography information for Baroness Altmann remove filter
unstar this property tabling member
738
unstar this property label Biography information for Lord Alton of Liverpool more like this