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Insurance Companies Act 1982 (repealed)

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Changes over time for: Section 52A

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Version Superseded: 01/12/2001

Status:

Point in time view as at 05/01/1998. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insurance Companies Act 1982 (repealed), Section 52A is up to date with all changes known to be in force on or before 08 December 2024.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

[F152A Issue of certificates by Secretary of State.U.K.

[F2(1)Where it is proposed to execute an instrument by which—

(a)an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—

(i)to a UK company; or

(ii)to a non-EC company whose solvency is supervised by the [F3Treasury] in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,

all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or

[F4(aa)a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; or]

(b)a Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,

the [F3Treasury]may, if [F5they are] satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.]]

(2)In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; [F6'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance].

Textual Amendments

F2S. 52A(1) inserted (1.7.1994) by S.I. 1994/1696, reg. 29

F3Words in s. 52A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt.I para. 36(a)(with art. 7)

F4S. 52A(1)(aa) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(7)

F5Words in s. 52A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 36(b)(with art. 7)

F6Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)

Modifications etc. (not altering text)

C2S. 52A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 36

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