The Motor Vehicles (Third-Party Risks Deposits) Regulations 1992
These Regulations apply to the making of deposits with the Accountant General of the Supreme Court under sections 144(1) and 146(2) of the Road Traffic Act 1988 ( “the Act”) in connection with provision against third-party risks arising out of the use of motor vehicles on roads, the investment of money or securities placed on deposit, and the withdrawal of such deposits. The Regulations revoke and replace the Motor Vehicles (Third-Party Risks Deposits) Regulations 1967 and make the following main changes—the deposit sum under section 144(1) of the Act, which is increased to £500,000 following the bringing into operation on 1st July 1992 of section 20 of the Road Traffic Act 1991, will be lodged into court (regulation 4);any money deposited may be invested in permitted securities at the written request of the depositor or, in the absence of such request, placed to a deposit account bearing interest (regulation 5(1));the Secretary of State may, on the application of the depositor, authorise the Accountant General to pay or transfer any money or securities to the depositor (regulation 6);the relevant provisions of the Court Funds Rules 1987 are applied to deposits (regulation 8).