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Changes over time for: Section 31A
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Version Superseded: 01/12/2001
Status:
Point in time view as at 01/07/1998. This version of this provision has been superseded.
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Changes to legislation:
Insurance Companies Act 1982 (repealed), Section 31A is up to date with all changes known to be in force on or before 10 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[31A Arrangement to avoid unfairness between separate insurance funds etc.U.K.
(1)An insurance company to which this Part of this Act applies which carries on long term business in the United Kingdom shall secure that adequate arrangements are in force for securing that transactions affecting assets of the company (other than transactions outside its control) do not operate unfairly between the section 28 fund or funds and the other assets of the company or, in a case where the company has more than one identified fund, between those funds.
(2)In this section—
“the section 28 fund or funds” means the assets representing the fund or funds maintained by the company under section 28(1)(b) above; and
“identified fund”, in relation to a company, means assets representing the company’s receipts from a particular part of its long term business which can be identified as such by virtue of accounting or other records by the company.]
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