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Insurance Companies Act 1982 (repealed)

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Changes over time for: Section 34

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Version Superseded: 05/01/1994

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Point in time view as at 01/02/1991. This version of this provision has been superseded. Help about Status

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Insurance Companies Act 1982 (repealed), Section 34 is up to date with all changes known to be in force on or before 10 December 2024.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. Help about Changes to Legislation

34 Companies supervised in other member States.U.K.

(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 the case of a company that carries on in the United Kingdom both long term and general business subsection (1) above shall have effect separately in relation to the assets and liabilities of the two kinds of business.

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