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Insurance Companies Act 1982 (repealed)

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Changes over time for: Section 41

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Version Superseded: 01/12/2001

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Status:

Point in time view as at 01/07/1998. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insurance Companies Act 1982 (repealed), Section 41 is up to date with all changes known to be in force on or before 10 December 2024.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

41 Limitation of premium income.U.K.

(1) The [F1Treasury]may require a company to take all such steps as are requisite to secure that the aggregate of the premiums—

(a)to be received by the company in consideration of the undertaking by it during a specified period of liabilities in the course of carrying on general business or any specified part of such business; or

(b)to be received by it in a specified period in consideration of the undertaking by the company during that period of liabilities in the course of carrying on long term business or any specified part of such business.

shall not exceed a specified amount.

(2)A requirement under this section may apply either to the aggregate premiums to be received as mentioned in subsection (1) above or to the aggregate of those premiums after deducting any premiums payable by the company for reinsuring the liabilities in consideration of which the first-mentioned premiums are receivable.

Textual Amendments

F1Words in s. 41 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 26 (with art. 7)

Modifications etc. (not altering text)

C2S. 41: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 28

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