S. 31A inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 136(1)

http://www.legislation.gov.uk/ukpga/1982/50/section/31A/1998-07-01Insurance Companies Act 1982 (repealed)An Act to consolidate the Insurance Companies Acts 1974 and 1981.1982-11-01texttext/xmlenStatute Law Database2024-05-171998-07-01Part II Regulation of Insurance Companies Assets and liabilities attributable to long term business
31A Arrangement to avoid unfairness between separate insurance funds etc.(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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<ref eId="c01217" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1982/50/section/31A">S. 31A</ref>
inserted by
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,
<ref eId="c01219" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1986/60/section/136/1">s. 136(1)</ref>
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31A
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Arrangement to avoid unfairness between separate insurance funds
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<ins ukl:ChangeId="d30p10010" ukl:CommentaryRef="c1482018">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.</ins>
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