The Deregulation (Insurance Companies Act 1982) Order 1996

Statement of long term business

3.—(1) In the 1982 Act —

(a) section 18(3) (which requires an insurance company to which Part II of the Act applies and which carries on long term business to prepare a statement of its long term business at least once in every period of five years), and

(b) section 42(1)(c) (power of the Secretary of State to require a statement of a company’s long term business to be prepared as at a specified date),

are hereby repealed.

(2) In consequence of paragraph (1) above, that Act shall be amended as follows —

(a) in section 18(5), the words “or statement”are hereby repealed, and

(b) in section 42 —

(i) in subsection (1), at the end of paragraph (a), there shall be inserted “and”and, at the end of paragraph (b), the word “and”is hereby repealed,

(ii) in subsection (3), the words “or statement”, in both places, are hereby repealed, and

(iii) in subsection (4), the words “or statement”are hereby repealed.