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1165 Meaning of “insurance company” and related expressions. (1) This section defines “insurance company”, “authorised insurance company”, “insurance group” and “insurance market activity” for...
- Plain View
(1) This section defines “insurance company”, “authorised...
- Original (As Enacted)
(1) This section defines “insurance company”, “authorised...
- Plain View
Jun 15, 2020 · The Third Parties (Rights Against Insurers) Act 2010 (Consequential Amendment of Companies Act 2006) Regulations 2018, applying from 23 rd November 2018, permits an insurer of a company dissolved for more than six years the right to restore the company to the Register in order to take legal proceedings to recover contributions from other ...
Insurance Companies Act 1982 CHAPTER 50 ARRANGEMENT OF SECTIONS PART I RESTRICTION ON CARRYING ON INSURANCE BUSINESS Section 1. Classification. Preliminary 2. Restriction on carrying on...
- Preliminary
- Accounts and Statements
- Assets and Liabilities Attributable to Long Term Business
- Financial Resources
- Liabilities of Unlimited Amount
- Powers of Intervention
- Transfers of Long Term Business
- Transfers of General Business
- Winding Up
- Changes of Director, Controller Or Manager etc.
15Insurance companies to which Part II applies
(1)Subject to the provisions of this section, this Part of this Act applies to all insurance companies, whether established within or outside the United Kingdom, which carry on insurance business within the United Kingdom. (2)This Part of this Act does not apply to any insurance company which is registered under the enactments relating to friendly societies. (3)Where a trade union or an employers' association carries on insurance business, this Part of this Act does not apply to it as an insu...
16Restriction of business to insurance
(1)An insurance company to which this Part of this Act applies shall not carry on any activities, in the United Kingdom or elsewhere, otherwise than in connection with or for the purposes of its insurance business. (2)For the purposes of subsection (1) above any activities of an insurance company that are excluded from the definition of insurance business by section 95(c)(ii) below shall be treated as carried on in connection with its insurance business.
17Annual accounts and balance sheets
(1)Every insurance company to which this Part of this Act applies shall, with respect to each financial year of the company, prepare a revenue account for the year, a balance sheet as at the end of the year and a profit and loss account for the year or, in the case of a company not trading for profit, an income and expenditure account for the year. (2)The contents of the documents required by subsection (1) above to be prepared shall be such as may be prescribed, but regulations may provide f...
18Periodic actuarial investigation of company with long term business
(1)Every insurance company to which this Part of this Act applies which carries on long term business— (a)shall, once in every period of twelve months, cause an investigation to be made into its financial condition in respect of that business by the person who for the time being is its actuary under section 19(1) below or any corresponding enactment previously in force; and (b)when such an investigation has been made, or when at any other time an investigation into the financial condition of...
19Appointment of actuary by company with long term business
(1)Every insurance company to which this Part of this Act applies shall within one month of beginning to carry on long term business appoint an actuary as actuary to the company ; and whenever an appointment under this section or any corresponding enactment previously in force comes to an end the company shall as soon as practicable make a fresh appointment. (2)A company making an appointment under this section shall within fourteen days serve on the Secretary of State a written notice statin...
28Separation of assets and liabilities attributable to long term business
(1)Where an insurance company to which this Part of this Act applies carries on ordinary long-term insurance business or industrial assurance business or both of those kinds of insurance business— (a)the company shall maintain an account in respect of that business or, as the case may be, each of those kinds of business; and (b)the receipts of that business or, as the case may be, of each of those kinds of business shall be entered in the account maintained for that business and shall be carr...
29Application of assets of company with long term business
(1)Subject to subsections (2) and (4) and section 55(3) below, the assets representing the fund or funds maintained by an insurance company in respect of its long term business— (a)shall be applicable only for the purposes of that business, and (b)shall not be transferred so as to be available for other purposes of the company except where the transfer constitutes reimbursement of expenditure borne by other assets (in the same or the last preceding financial year) in discharging liabilities w...
30Allocations to policy holders
(1)Where in the case of an insurance company to which this Part of this Act applies— (a)there is an established surplus in which long term policy holders of any category are eligible to participate, and (b)an amount has been allocated to policy holders of that category in respect of a previously established surplus in which policy holders of that category were eligible to participate, the company shall not by virtue of section 29(2) above transfer or otherwise apply assets representing any pa...
32Margins of solvency
(1)Every insurance company to which this Part of this Act applies— (a)whose head office is in the United Kingdom, or (b)whose business in the United Kingdom is restricted to reinsurance, shall maintain a margin of solvency of such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section. (2)Subject to subsection (3) below, every insurance company to which this Part of this Act applies whose head office is not in a member State shall mai...
33Failure to maintain minimum margin
(1)If— (a)the margin of solvency of an insurance company to which section 32(1) above applies, or (b)the margin of solvency or United Kingdom margin of solvency of an insurance company to which section 32(2) above applies, or (c)the margin of solvency or Community margin of solvency of an insurance company to which section 32(3) above applies, falls below such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section, the company shall a...
34Companies supervised in other member States
(1)An insurance company to which this Part of this Act applies— (a)whose head office is in a member State other than the United Kingdom, or (b)which has in accordance with section 9(2) above made a deposit in such a member State, shall secure that the value of the assets of the business carried on by it in the United Kingdom does not fall below the amount of the liabilities of that business, that value and amount being determined in accordance with any applicable valuation regulations. (2)In...
36Avoidance of contracts for unlimited amounts
A contract entered into after the coming into force of this section by an insurance company to which this Part of this Act applies shall be void if— (a)it is a contract under which the company undertakes a liability the amount, or maximum amount, of which is uncertain at the time when the contract is entered into; and (b)it is not a contract of insurance or a contract of a class or description exempted by regulations from the operation of this section.
37Grounds on which powers are exercisable
(1)The powers conferred on the Secretary of State by sections 38 to 45 below shall be exercisable in relation to any insurance company to which this Part of this Act applies and shall be exercisable in accordance with the following provisions of this section. (2)The powers conferred by sections 38 and 41 to 45 below shall be exercisable on any of the following grounds— (a)that the Secretary of State considers the exercise of the power to be desirable for protecting policy holders or potential...
38Requirements about investments
(1)The Secretary of State may require a company— (a)not to make investments of a specified class or description ; (b)to realise, before the expiration of a specified period (or such longer period as the Secretary of State may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed. (2)A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) asse...
39Maintenance of assets in the United Kingdom
(1)The Secretary of State may require that assets of a company of a value which at any time is equal to the whole or a specified proportion of the amount of its domestic liabilities shall be maintained in the United Kingdom. (2)The Secretary of State may direct that for the purposes of any requirement under this section assets of a specified class or description shall or shall not be treated as assets maintained in the United Kingdom. (3)The Secretary of State may direct that for the purposes...
49Sanction of court for transfer of long term business
(1)Where it is proposed to carry out a scheme under which the whole or part of the long term business carried on in the United Kingdom by an insurance company to which this Part of this Act applies (" the transferor company ") is to be transferred to another body whether incorporated or not (" the transferee company ") the transferor company or transferee company may apply to the court, by petition, for an order sanctioning the scheme. (2)The court shall not determine an application under thi...
50Provisions supplementary to section 49
(1)Where the court makes an order under section 49 above sanctioning a scheme the court may, either by that order or by any subsequent order, make provision for all or any of the following matters— (a)the transfer to the transferee company of the whole or any part of the undertaking and of the property or liabilities of the transferor company ; (b)the allotting or appropriation by the transferee company of any shares, debentures, policies or other like interests in that company which under th...
51Approval of transfers of general business
(1)Where it is proposed to execute an instrument by which an insurance company to which this Part of this Act applies (" the transferor ") is to transfer to another body (" the transferee ") all its rights and obligations under such general policies, or general policies of such descriptions, as may be specified in the instrument, the transferor may apply to the Secretary of State for his approval of the transfer. (2)The Secretary of State shall not determine an application made under subsecti...
52Effect of approval under section 51
(1)Subject to subsection (2) below, an instrument giving effect to a transfer approved by the Secretary of State under section 51 above shall be effectual in law— (a)to transfer to the transferee all the transferor's rights and obligations under the policies included in the instrument, and (b)if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations, notwithstanding t...
53Winding up of insurance companies under Companies Acts
The court may order the winding up, in accordance with the [1948 c. 38.] Companies Act 1948 or, as the case may be, the [1960 c. 22 (N.I.).] Companies Act (Northern Ireland) 1960, of an insurance company to which this Part of this Act applies and the provisions of that Act of 1948 or, as the case may be, that Act of 1960 shall apply accordingly subject to the modification that the company may be ordered to be wound up on the petition of ten or more policy holders owning policies of an aggrega...
54Winding up on petition of Secretary of State
(1)The Secretary of State may present a petition for the winding up, in accordance with the Companies Act 1948, of an insurance company to which this Part of this Act applies, being a company which may be wound up by the court under the provisions of that Act, on the ground— (a)that the company is unable to pay its debts within the meaning of sections 222 and 223 or section 399 of that Act; (b)that the company has failed to satisfy an obligation to which it is or was subject by virtue of this...
55Winding up of insurance companies with long term business
(1)No insurance company to which this Part of this Act applies which is an unincorporated body and carries on long term business shall be made the subject of bankruptcy proceedings or, in Scotland, sequestration proceedings. (2)No insurance company to which this Part of this Act applies which carries on long term business shall be wound up voluntarily. (3)Section 29(1) above shall not have effect in relation to the winding up of a company to which section 28(1) above applies but, subject to s...
60Approval of proposed managing director or chief executive of insurance company
(1)No insurance company to which this Part of this Act applies shall appoint a person as managing director or chief executive of the company unless— (a)the company has served on the Secretary of State a written notice stating that it proposes to appoint that person to that position and containing such particulars as may be prescribed; and (b)either the Secretary of State has, before the expiration of the period of three months beginning with the date of service of that notice, notified the co...
61Approval of person proposing to become controller of insurance company where section 60 does not apply. 62 Duty to notify change of director, controller or manager
(1)No person shall become a controller of an insurance company to which this Part of this Act applies otherwise than by virtue of an appointment in relation to which section 60 above has effect unless— (a)he has served on the Secretary of State a written notice stating that he intends to become a controller of that company and containing such particulars as may be prescribed; and (b)either the Secretary of State has, before the expiration of the period of three months beginning with the date...
62Duty to notify change of director, controller or manager.
(1)A person who becomes or ceases to be a controller of an insurance company to which this Part of this Act applies shall, before the expiration of the period of seven days beginning with the day next following that on which he does so, notify the insurance company in writing of that fact and of such other matters as may be prescribed; and a person who becomes a director or manager of any such insurance company shall, before the expiration of the period of seven days beginning with the day ne...
The statute which replaced it, the Financial Services and Markets Act 2000 (FSMA 2000), refers to ‘authorised persons’ who may carry on ‘regulated activities’, of which the effecting and...
The Marine Insurance Act 1906 defines a warranty as a term “by which the assured undertakes that some particular thing shall or shall not be done, or that some condition shall be fulfilled, or whereby he affirms or negates the existence of a particular state of facts”.
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The Insurance Act 2015 (the “Act”) will apply to all policies that incept, renew, or are varied on or after 12 August 2016 and are subject to the laws of England and Wales, Scotland, and Northern Ireland1. The Act seeks to address this overly harsh, inflexible remedy of avoidance.
