Policyholders Protection Act 1975 (repealed)

28 Statement by [F1 Treasury] with respect to the exercise of his powers in relation to a company in liquidation, etc. U.K.

(1) Subject to the following provisions of this section, in the case of a company—

(a) which is a company in liquidation; or

(b) which is a company in financial difficulties within the meaning of section 16 above in relation to which the Board have exercised any of their powers under that section or under section 15 above;

the [F1 Treasury] shall before the end of the period applicable by virtue of subsection (2) below lay before Parliament a statement with respect to the exercise of [F2 their] powers under the Insurance Companies Act [F3 1982] in relation to that company during the year ending immediately before the time mentioned below in this subsection.

The time referred to above is the beginning of the liquidation in a case falling within paragraph (a) above and the relevant time as defined by section 16(6) above in a case falling within paragraph (b) above.

(2) The period applicable by virtue of this subsection is—

(a) in a case falling within paragraph (a) of subsection (1) above, the period of six months beginning with the beginning of the liquidation; and

(b) in a case falling within paragraph (b) of that subsection, the period of six months beginning with the date on which the [F1 Treasury][F4 receive] written notification from the Board that they have exercised any of their powers under section 15 or 16 above in relation to the company in question.

(3) Where by virtue of paragraph (b) of subsection (1) above the [F1 Treasury][F5 are required] to lay before Parliament a statement with respect to the exercise of [F2 their] powers under the Insurance Companies Act [F3 1982] in relation to any company, that subsection shall not also apply by virtue of paragraph (a) thereof in the case of that company in the event of the company’s going into liquidation.

(4) The [F1 Treasury] shall not be required to include in any statement under this section any information which might in [F2 their] view prejudice any criminal proceedings which have been or may be instituted against any person.

Textual Amendments

F1 Words in s. 28 substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 99 (with art. 7)

F2 Words in s. 28(1)(3)(4) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 102(a) (with art. 7)

F3 Year substituted by virtue of Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 4 para. 25(4) and Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(2), Sch. 5 para. 16(b)

F4 Word in s. 28(2) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 102(b) (with art. 7)

F5 Words in s. 28(3) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 102(c) (with art. 7)