(1) The Minister, if and whenever he thinks proper so to do, after consultation with such assurance companies as he thinks fit or with any association representing assurance companies, and with the Committee of Lloyd's, may by order (in this section referred to as a rates of premiums order) fix the rates which may be charged by assurance companies or syndicates by way of premiums in respect of all or any classes of contract of employers' liability insurance business and of mechanically propelled vehicle insurance business.
(2) Every rates of premiums order shall come into operation on such day (not being earlier than the date of such order) as the Minister shall by such order appoint.
(3) Without prejudice to any general power of revocation or amendment conferred by this section,' the Minister shall, within three years after making a rates of premiums order and thereafter at intervals of not more than three years, consider the rates of premiums fixed by such order or the latest am