http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1998-01-05Insurance Companies Act 1982 (repealed)An Act to consolidate the Insurance Companies Acts 1974 and 1981.1982-11-01texttext/xmlenStatute Law Database2024-05-171998-01-05 Part II Regulation of Insurance Companies Transfers of general business<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>52A1Where it is proposed to execute an instrument by which—aan EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—ito a UK company; oriito a non-EC company whose solvency is supervised by the Treasury 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; oraaa 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; orba 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 Treasurymay, if they are satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.2In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; 'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance. Transfers of general business<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>52A1Where it is proposed to execute an instrument by which—aan EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—ito a UK company; oriito a non-EC company whose solvency is supervised by the Treasury 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; oraaa 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; orba 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 Treasurymay, if they are satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.2In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; 'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance.Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)S. 52A inserted by S.I. 1990/1333, reg. 9(2)S. 52A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 36S. 52A(1) inserted (1.7.1994) by S.I. 1994/1696, reg. 29Words 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)S. 52A(1)(aa) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(7)Words 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)Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)
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<dc:title>Insurance Companies Act 1982 (repealed)</dc:title>
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Part II
</Number>
<Title> Regulation of Insurance Companies</Title>
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<Title> Transfers of general business</Title>
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<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>
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52A
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1
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<Addition ChangeId="d30p18519">Where it is proposed to execute an instrument by which—</Addition>
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<Addition ChangeId="d30p18545" CommentaryRef="c1482558">Treasury</Addition>
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<Addition ChangeId="d30p18519"> 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,</Addition>
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<Addition ChangeId="d30p18519">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</Addition>
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<Addition ChangeId="d30p18551" CommentaryRef="c1482559">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</Addition>
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<Addition ChangeId="d30p18519">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,</Addition>
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<Addition ChangeId="d30p18519">may, if </Addition>
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<Addition ChangeId="d30p18519"> satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.</Addition>
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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;
<Addition ChangeId="d30p18583" CommentaryRef="c1482562">'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance</Addition>
.
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<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—</Addition>
</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/i/1998-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a/i" id="section-52A-1-a-i">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">i</Addition>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">to a UK company; or</Addition>
</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/ii/1998-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a/ii" id="section-52A-1-a-ii">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">ii</Addition>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">to a non-EC company whose solvency is supervised by the </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18545" CommentaryRef="c1482558">Treasury</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519"> 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,</Addition>
</Addition>
</Text>
</P4para>
</P4>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">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</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/aa/1998-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/aa" id="section-52A-1-aa">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18551" CommentaryRef="c1482559">aa</Addition>
</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18551" CommentaryRef="c1482559">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</Addition>
</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/b/1998-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/b" id="section-52A-1-b">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">b</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">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,</Addition>
</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">the </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18567" CommentaryRef="c1482558">Treasury</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">may, if </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18571" CommentaryRef="c1482561">they are</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519"> satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.</Addition>
</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/2/1998-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/2" id="section-52A-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
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;
<Addition ChangeId="d30p18583" CommentaryRef="c1482562">'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance</Addition>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Version>
</Versions>
<Commentaries>
<Commentary id="c1481891" Type="C">
<Para>
<Text>
<CitationSubRef id="c00886" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
(ss. 15-71) restricted (1.1.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1992/3218" id="c00887" Class="UnitedKingdomStatutoryInstrument" Year="1992" Number="3218">S.I. 1992/3218</Citation>
,
<CitationSubRef id="c00888" URI="http://www.legislation.gov.uk/id/uksi/1992/3218/regulation/65" Operative="true" CitationRef="c00887" SectionRef="regulation-65">reg65</CitationSubRef>
</Text>
</Para>
<Para>
<Text>
<CitationSubRef id="c00889" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
(ss. 15-71) extended (24.12.1996) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1996/3011" id="c00890" Class="UnitedKingdomStatutoryInstrument" Year="1996" Number="3011">S.I. 1996/3011</Citation>
,
<CitationSubRef id="c00891" URI="http://www.legislation.gov.uk/id/uksi/1996/3011/regulation/3/1/b" Operative="true" CitationRef="c00890" SectionRef="regulation-3-1-b">reg. 3(1)(b)</CitationSubRef>
,
<CitationSubRef id="c00892" URI="http://www.legislation.gov.uk/id/uksi/1996/3011/regulation/10/1" CitationRef="c00890" SectionRef="regulation-10-1">10(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482555" Type="F">
<Para>
<Text>
<CitationSubRef id="c02458" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A" SectionRef="section-52A">S. 52A</CitationSubRef>
inserted by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1990/1333" id="c02459" Class="UnitedKingdomStatutoryInstrument" Year="1990" Number="1333">S.I. 1990/1333</Citation>
,
<CitationSubRef id="c02460" URI="http://www.legislation.gov.uk/id/uksi/1990/1333/regulation/9/2" Operative="true" CitationRef="c02459" SectionRef="regulation-9-2">reg. 9(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482556" Type="C">
<Para>
<Text>
<CitationSubRef id="c02461" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A" SectionRef="section-52A">S. 52A</CitationSubRef>
: power to contract out functions conferred (18.11.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/2842" id="c02462" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="2842">S.I. 1998/2842</Citation>
,
<CitationSubRef id="c02463" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/2" CitationRef="c02462" SectionRef="article-2">arts. 2</CitationSubRef>
,
<CitationSubRef id="c02464" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/3" CitationRef="c02462" SectionRef="article-3">3</CitationSubRef>
,
<CitationSubRef id="c02465" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/schedule/part/I/paragraph/36" Operative="true" CitationRef="c02462" SectionRef="schedule-part-I-paragraph-36">Sch. Pt. I para. 36</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482557" Type="F">
<Para>
<Text>
<CitationSubRef id="c02466" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" SectionRef="section-52A-1">S. 52A(1)</CitationSubRef>
inserted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c02467" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c02468" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/29" Operative="true" CitationRef="c02467" SectionRef="regulation-29">reg. 29</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482558" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02469" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" SectionRef="section-52A-1">s. 52A(1)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c02470" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c02471" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c02470" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c02472" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/36/a" Operative="true" CitationRef="c02470" SectionRef="schedule-part-I-paragraph-36-a">Sch. Pt.I para. 36(a)</CitationSubRef>
(with art. 7)
</Text>
</Para>
</Commentary>
<Commentary id="c1482559" Type="F">
<Para>
<Text>
<CitationSubRef id="c02473" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/aa" SectionRef="section-52A-1-aa">S. 52A(1)(aa)</CitationSubRef>
inserted (30.12.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/3132" id="c02474" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="3132">S.I. 1994/3132</Citation>
,
<CitationSubRef id="c02475" URI="http://www.legislation.gov.uk/id/uksi/1994/3132/regulation/7/7" Operative="true" CitationRef="c02474" SectionRef="regulation-7-7">reg. 7(7)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482561" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02476" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" SectionRef="section-52A-1">s. 52A(1)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c02477" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c02478" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c02477" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c02479" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/36/b" Operative="true" CitationRef="c02477" SectionRef="schedule-part-I-paragraph-36-b">Sch. Pt. I para. 36(b)</CitationSubRef>
(with art. 7)
</Text>
</Para>
</Commentary>
<Commentary id="c1482562" Type="F">
<Para>
<Text>
Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/174" id="c02480" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="174">S.I. 1993/174</Citation>
,
<CitationSubRef id="c02481" URI="http://www.legislation.gov.uk/id/uksi/1993/174/regulation/3/4/b" Operative="true" CitationRef="c02480" SectionRef="regulation-3-4-b">reg. 3(4)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>