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  1. Introductory Text

  2. Part I Restriction on Carrying on Insurance Business

    1. Preliminary

      1. 1. Classification.

      2. 2. Restriction on carrying on insurance business.

    2. Authorised insurance companies

      1. 3. Authorisation by Secretary of State.

      2. 4. Existing insurance companies.

    3. Applications for authorisation

      1. 5. Submission of proposals etc.

      2. 6. Combination of long term and general business.

      3. 7. United Kingdom applicants.

      4. 8. Applicants from other member States.

      5. 9. Applicants from outside the Community.

      6. 10. General representatives.

    4. Withdrawal of authorisation

      1. 11. Withdrawal of authorisation in respect of new business.

      2. 12. Notices of withdrawal under section 11.

      3. 12A. Suspension of authorisation in urgent cases.

      4. 13. Final withdrawal of authorisation.

    5. Offences

      1. 14. Offences under Part I.

  3. Part II Regulation of Insurance Companies

    1. Preliminary

      1. 15. Insurance companies to which Part II applies.

      2. 16. Restriction of business to Insurance.

    2. Accounts and statements

      1. 17. Annual accounts and balance sheets.

      2. 18. Periodic actuarial investigation of company with long term business.

      3. 19. Appointment of actuary by company with long term business.

      4. 20. Annual statements by company with prescribed class of insurance business.

      5. 21. Audit of accounts.

      6. 21A. Communication by auditor with Secretary of State.

      7. 22. Deposit of accounts etc. with Secretary of State.

      8. 23. Right of shareholders and policy holders to receive copies of deposited documents.

      9. 24. Deposit of accounts etc. by registered society.

      10. 25. Periodic statements by company with prescribed class of business.

      11. 26. Statements of transactions of prescribed class or description.

      12. 27. Companies from outside the Community.

    3. Assets and liabilities attributable to long term business

      1. 28. Separation of assets and liabilities attributable to long term business.

      2. 29. Application of assets of company with long term business.

      3. 30. Allocations to policy holders.

      4. 31. Restriction on transactions with connected persons.

      5. 31A. Arrangement to avoid unfairness between separate insurance funds etc.

    4. Financial resources

      1. 32. Margins of solvency.

      2. 33. Failure to maintain minimum margin.

      3. 34. Companies supervised in other member States.

      4. 34A. General business: equalisation reserve.

      5. 35. Form and situation of assets.

      6. 35A. Adequacy of assets.

      7. 35B. Adequacy of premiums: long term business.

    5. Liabilities of unlimited amount

      1. 36. Avoidance of contracts for unlimited amounts.

    6. Powers of intervention

      1. 37. Grounds on which powers are exercisable.

      2. 38. Requirements about investments.

      3. 39. Maintenance of assets in the United Kingdom.

      4. 40. Custody of assets.

      5. 40A. Prohibition on disposal of assets.

      6. 41. Limitation of premium income.

      7. 42. Actuarial investigations.

      8. 43. Acceleration of information required by accounting provisions.

      9. 43A. General investigations.

      10. 44. Power to obtain information and require production of documents.

      11. 44A. Entry and search of premises.

      12. 45. Residual power to impose requirements for protection of policy holders.

      13. 46. Notice of proposed exercise of powers on ground of unfitness of certain persons.

      14. 47. Rescission, variation and publication of requirements.

      15. 47A. [ Security of information

      16. 47B. Privilege from disclosure.

      17. 48. Power of Secretary of State to bring civil proceedings on behalf of insurance company.

    7. Transfers of long term business

      1. 49. Sanction of court for transfer of long term business.

      2. 49A.Transfer of long term business to friendly society.

      3. [49B]. Modifications of section 49 in certain cases.

      4. 50. Provisions supplementary to section 49.

    8. Transfers of general business

      1. 51. Approval of transfers of general business.

      2. 52. Effect of approval under section 51.

      3. 52A. Issue of certificates by Secretary of State.

      4. 52B. Effect of transfers authorised in other EEA States.

    9. Winding up

      1. 53. Winding up of insurance companies under Companies Acts.

      2. 54. Winding up on petition of Secretary of State.

      3. 55. Winding up of insurance companies with long term business.

      4. 56. Continuation of long term business of insurance companies in liquidation.

      5. 57. Subsidiary companies.

      6. 58. Reduction of contracts as alternative to winding up.

      7. 59. Winding up rules.

    10. Changes of director, controller or manager etc.

      1. 60. Approval of proposed managing director or chief executive of insurance company.

      2. 61. Approval of person proposing to become controller of insurance company where section 60 does not apply.

      3. 61A. Approval of acquisition of notifiable holding in UK company.

      4. 61B. Further provisions with respect to controllers of UK companies.

      5. 62. Duty to notify change of director, controller or manager.

      6. 63. Change of manager etc. of company from outside United Kingdom.

      7. 63A.Duty to notify change of control

      8. 64. Duty to notify change of main agent.

    11. Miscellaneous

      1. 65. Documents deposited with Secretary of State.

      2. 66. Documents deposited in Northern Ireland.

      3. 67. Power to treat certain business as or as not being ordinary long-term insurance business.

      4. 68. Power to modify Part II in relation to particular companies.

      5. 69. Power to alter insurance company’s financial year.

      6. 70. Service of notices.

      7. 71. Offences under Part II.

  4. Part III Conduct of Insurance Business

    1. 72. Insurance advertisements.

    2. 72A. Information for policy holders of UK insurers and EC companies.

    3. 72B. Information for policy holders of EFTA companies.

    4. 73.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 74. Intermediaries in insurance transactions.

    6. 75. Statutory notice by insurer in relation to long term policy.

    7. 76. Right to withdraw from transaction in respect of long term policy.

    8. 77. Service of notice of cancellation.

    9. 78. Linked long term policies.

    10. 79.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    11. 80. Capital redemption business.

    12. 81. Penalties and offences under Part III.

  5. Part IIIA Provision of Insurance from Another Member State

    1. Introduction

      1. 81A. Introductory provisions.

    2. Provision of insurance in the United Kingdom

      1. 81B. Documents to be furnished to the Secretary of State.

      2. 81C. Information to be given to policy holder.

      3. 81CC.Additional requirements with respect to relevant motor vehicle risks.

      4. 81D. Powers of intervention

      5. 81E. Power to require information.

      6. 81F. Withdrawal of authorisation.

    3. Provision of insurance in another member State

      1. 81G. Notification to Secretary of State.

      2. 81H. Issue of certificates by Secretary of State.

      3. 81I. Provisions as to transfer of business.

    4. Supplementary provisions

      1. 81J. Offences under Part IIIA.

  6. Part IV Special Classes of Insurers

    1. 82. Industrial assurance business.

    2. 83. Requirements to be complied with by Lloyd’s underwriters.

    3. 83A. Lloyd’s underwriters— insurance Directives.

    4. 84. Lloyd’s underwriters —financial resources.

    5. 85. Lloyd’s underwriters —transfer of business.

    6. 86. Statement of business by Committee of Lloyd’s.

    7. 87. Companies established outside the United Kingdom.

    8. 88. Unregistered companies.

    9. 89. Insurance companies formed before 1967 in contravention of section 434 of the Companies Act

  7. Part V Supplementary Provisions

    1. Valuation regulations

      1. 90. Power to make valuation regulations.

    2. Criminal proceedings

      1. 91. Criminal liability of directors.

      2. 92. Criminal proceedings against unincorporated bodies.

      3. 93. Restriction on institution of prosecutions.

      4. 94. Summary proceedings.

    3. Law applicable to certain contracts of insurance

      1. 94A. Law applicable to certain contracts of insurance.

    4. Fees

      1. 94A. Fees.

    5. Interpretation

      1. 95. Insurance business.

      2. 96. General interpretation.

      3. 96A. Interpretation of expressions derived from general insurance Directives.

      4. 96B. Meaning of “large risks".

      5. 96C.Meaning of 'controller’etc.

      6. 96D.Meanings of 'manager’ and 'chief executive’.

      7. 96E.Meaning of 'main agent’.

      8. 96F.Meaning of 'claims representative’.

    6. Supplementary

      1. 97. Regulations and orders.

      2. 98. Annual report by Secretary of State.

      3. 99. Savings, transitionals, consequential amendments and repeals.

      4. 100. Short title, commencement and extent.

  8. SCHEDULES

    1. SCHEDULE 1

      Classes of Long Term Business

    2. SCHEDULE 2

      General Business

      1. Part I Classes

      2. Part II Groups of Classes

    3. SCHEDULE 2A

      CRITERIA OF SOUND AND PRUDENT MANAGEMENT

      1. Integrity and skill

        1. 1.The business of the insurance company is carried on with...

        2. 2.Each director, controller, manager or main agent of the insurance...

        3. 3.In the case of a non-EC company whose head office...

      2. Direction and management of the insurance company

        1. 4.The insurance company is directed and managed by a sufficient...

      3. Business to be conducted in a sound and prudent manner

        1. 5.The insurance company conducts its business in a sound and...

        2. 6.(1) The insurance company shall not be regarded as conducting...

        3. 7.The insurance company shall not be regarded as conducting its...

        4. 8.The insurance company shall not be regarded as conducting its...

        5. 9.The insurance company shall not be regarded as conducting its...

    4. SCHEDULE 2B]

      RESTRICTION ON DISCLOSURE OF INFORMATION

      1. PART I INFORMATION RELATING TO UK, EC AND NON-EC COMPANIES

        1. Restriction on disclosure

          1. 1.(1) Subject to the following provisions of this Part of...

        2. Disclosure for facilitating discharge of functions by Secretary of State

          1. 2.Paragraph 1 above does not preclude the disclosure of information...

        3. Disclosure for facilitating discharge of functions by other regulatory authorities

          1. 3.(1) Paragraph 1 above does not preclude the disclosure by...

        4. Other permitted disclosures

          1. 4.(1) Paragraph 1 above does not preclude the disclosure of...

        5. Information supplied by a supervisory authority

          1. 5.(1) Paragraph 1 above applies also to information which—

      2. PART II INFORMATION RELATING TO OTHER PERSONS

        1. Restriction on disclosure

          1. 6.(1) Subject to paragraph 7 below, no information which—

        2. Permitted disclosures

          1. 7.(1) Paragraph 6 above does not preclude the disclosure of...

    5. [SCHEDULE 2C]

      TRANSFERS OF INSURANCE BUSINESS

      1. PART I TRANSFERS OF LONG TERM BUSINESS

        1. Sanction of court required

          1. 1.(1) Where it is proposed to carry out a scheme...

        2. Procedure with respect to applications

          1. 2.(1) The court shall not determine an application under paragraph...

        3. Determination of applications

          1. 3.(1) Where the transferor company is a UK or non-EC...

        4. Rights of policy holders

          1. 4.(1) This paragraph applies where the court makes an order...

        5. Supplementary provisions

          1. 5.(1) Where the court makes an order under this Part...

      2. PART II TRANSFERS OF GENERAL BUSINESS

        1. Approval of Secretary of State required

          1. 6.(1) Where it is proposed to execute an instrument by...

        2. Procedure with respect to applications

          1. 7.(1) The Secretary of State shall not determine an application...

        3. Determination of applications

          1. 8.(1) Where the transferor is a UK or non-EC company...

        4. Rights of policy holders

          1. 9.(1) This paragraph applies where the Secretary of State approves...

        5. Effect of approval of Secretary of State

          1. 10.(1) Subject to paragraph 9(2) above, an instrument giving effect...

    6. [SCHEDULE 2D]

      FURTHER PROVISIONS WITH RESPECT TO CONTROLLERS OF UK COMPANIES

      1. Provisions supplementing sections 60 to 61A

        1. 1.(1) This paragraph applies where— (a) a UK company which...

      2. Notice of objection where requisite notice not given

        1. 2.(1) This paragraph applies where— (a) a UK company appoints...

      3. Notices imposing conditions

        1. 3.(1) This paragraph applies where either— (a) paragraph 1 above...

      4. Objection to existing controller

        1. 4.(1) Where it appears to the Secretary of State that...

      5. Restrictions etc. as respects shareholdings

        1. 5.(1) This paragraph applies where a person—

    7. [SCHEDULE 2E]

      INFORMATION FOR POLICY HOLDERS OF UK INSURERS AND EC COMPANIES

      1. Information before contract of long term insurance

        1. 1.(1) Subject to sub-paragraph (2) below, this paragraph applies to...

      2. Information during contract of long term insurance

        1. 2.(1) This paragraph applies where a UK or EC company...

      3. Information before contract of general insurance

        1. 3.(1) This paragraph applies to a contract entered into by...

        2. 4.(1) Subject to sub-paragraph (2) below, this paragraph applies to...

      4. General

        1. 5.(1) In the case of a contract involving two or...

    8. SCHEDULE 2F]

      RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES

      1. PART I EC COMPANIES CARRYING ON BUSINESS ETC. IN THE UNITED KINGDOM

        1. Requirements for carrying on direct insurance business

          1. 1.(1) An EC company shall not carry on direct insurance...

          2. 2.(1) An EC company shall not change the requisite details...

        2. Requisite details for purposes of paragraphs 1 and 2

          1. 3.The requisite details for the purposes of paragraphs 1 and...

        3. Requirements for carrying on reinsurance business

          1. 4.(1) An EC company shall not carry on reinsurance business...

          2. 5.(1) An EC company shall not change the requisite details...

        4. Requisite details for purposes of paragraphs 4 and 5

          1. 6.The requisite details for the purposes of paragraphs 4 and...

        5. Power of Secretary of State where notice given under paragraph 4 or 5

          1. 7.(1) This paragraph applies where the Secretary of State receives...

        6. Requirements for providing insurance

          1. 8.(1) An EC company shall not provide insurance of a...

          2. 9.(1) An EC company shall not change the requisite details...

        7. Requisite details for purposes of paragraphs 8 and 9

          1. 10.The requisite details for the purposes of paragraph 8 and...

        8. Additional requirements for covering relevant motor vehicle risks

          1. 11.An EC company shall not provide insurance in the United...

        9. Power to prevent disposal of assets

          1. 12.(1) The powers conferred on the Secretary of State by...

        10. Powers to obtain information

          1. 13.(1) Subject to sub-paragraph (2) below, the powers conferred by...

          2. 14.(1) The powers conferred by section 44 above on the...

          3. 14A.Paragraphs 13 and 14 above shall apply in relation to...

        11. Residual power to protect policy holders

          1. 15.The Secretary of State may exercise his powers under section...

        12. Powers of intervention

          1. 16.(1) Where it appears to the Secretary of State that...

        13. Power to withdraw recognition

          1. 17.(1) This paragraph applies where— (a) an EC company is...

      2. PART II EFTA COMPANIES PROVIDING INSURANCE IN UNITED KINGDOM

        1. Documents to be furnished to the Secretary of State

          1. 18.(1) An EFTA company which intends to provide insurance in...

        2. Additional requirements with respect to relevant motor vehicle risks

          1. 19.An EFTA company shall not provide insurance in the United...

        3. Powers of intervention

          1. 20.(1) Where it appears to the Secretary of State that...

        4. Power to require information

          1. 21.The Secretary of State may, for the purpose of facilitating...

        5. Withdrawal of authorisation

          1. 22.(1) Where an EFTA company is providing insurance in the...

      3. PART III EFTA COMPANIES PROVIDING INSURANCE THROUGH ESTABLISHMENTS IN THE UNITED KINGDOM

        1. Notification to Secretary of State

          1. 23.(1) Where an EFTA company intends to provide insurance through...

        2. Issue of certificates by Secretary of State

          1. 24.(1) An EFTA company which intends to provide insurance through...

      4. PART IV SUPPLEMENTAL

        1. Offences

          1. 25.(1) An EC company commits an offence if—

        2. Interpretation etc.

          1. 26.(1) In this Schedule— “authorised agent”, in relation to an...

        3. Gibraltar

          1. 27.(1) Except in its application to a Gibraltar company, this...

          2. 28.(1) Where, in the case of an EC company which...

          3. 29.(1) Where, in the case of an EC company which...

    9. SCHEDULE 2G

      RECOGNITION IN OTHER EEA STATES OF UK INSURERS

      1. PART I UK INSURERS CARRYING ON BUSINESS ETC. IN OTHER MEMBER STATES

        1. Requirements for carrying on direct insurance business

          1. 1.(1) A UK insurer shall not carry on direct insurance...

          2. 2.(1) A UK insurer shall not change the requisite EC...

          3. 3.(1) A UK company shall not change the requisite UK...

        2. Requisite details for purposes of paragraphs 1 to 3

          1. 4.(1) The requisite EC details for the purposes of paragraphs...

        3. Requirements for providing insurance

          1. 5.(1) A UK insurer shall not provide insurance of any...

          2. 6.(1) A UK insurer shall not change the requisite details...

        4. Requisite details for purposes of paragraphs 5 and 6

          1. 7.The requisite details for the purposes of paragraphs 5 and...

        5. Requirement to notify cessation of insurance business etc.

          1. 8.(1) A UK insurer which has ceased—

      2. PART II UK INSURERS PROVIDING INSURANCE IN EFTA STATES

        1. Notification to Secretary of State

          1. 9.(1) Where a UK insurer intends to provide insurance in...

        2. Issue of certificates by Secretary of State

          1. 10.(1) A UK insurer which intends to provide insurance in...

      3. PART III UK INSURERS PROVIDING INSURANCE IN THE UNITED KINGDOMTHROUGH BRANCHES IN OTHER EEA STATES

        1. 11.(1) Where a UK insurer intends to provide insurance in...

      4. PART IV SUPPLEMENTAL

        1. Offences

          1. 12.(1) A UK insurer commits an offence if—

        2. Interpretation

          1. 13.(1) In this Schedule— “direct insurance business” means insurance business...

    10. SCHEDULE 3

      Determination of Premium Limit

      1. 1.Subject to the following provisions of this Schedule, the premium...

      2. 2.If the accounts so deposited relate to a financial year...

      3. 3.If no accounts have been deposited under section 22 above...

    11. SCHEDULE 3A

      Law applicable to certain contracts of insurance

      1. General rules as to applicable law

        1. 1.(1) Where the policy holder has his habitual residence or...

      2. Applicable law in the absence of choice

        1. 2.(1) The choice referred to in paragraph 1 must be...

      3. Mandatory rules

        1. 3.(1) The fact that in the cases referred to in...

      4. Supplementary provisions

        1. 4.(1) Where a member State includes several territorial units, each...

        2. 5.(1) Subject to the preceding provisions of this Schedule, a...

    12. SCHEDULE 4

      Saving and Transitional Provisions

      1. Saving for requirements, directions and powers under the Companies Act 1967

        1. 1.The repeal by the Insurance Companies Amendment Act 1973 of...

      2. Periodic actuarial investigations under section 18 above in relation to any period of twelve months beginning before 1st October 1982

        1. 2.In relation to any period of twelve months beginning before...

      3. Adjustments of established surplus for purposes of section 30(1) above

        1. 3.For the purposes of section 30(1) of this Act, where...

      4. Margins of solvency

        1. 4.The requirements of sections 32 and 33 of this Act...

        2. 5.So long as paragraph 4 above applies to a company...

      5. Postponement of coming into force of section 36 above

        1. 6.If no regulations under section 27 of the Insurance Companies...

      6. Saving for schemes of operation submitted under Insurance Companies (Authorisation and Accounts: General Business) Regulations

        1. 7.For the purposes of section 37(2)(f) of this Act, a...

      7. Saving for requirements under section 29 of the Insurance Companies Act 1974

        1. 8.Where a requirement under section 29 of the Insurance Companies...

      8. Postponement of effect of sections 37(3) and 38(3) above in respect of long term business

        1. 9.Until 15th March 1984, sections 37(3) and 38(3) of this...

      9. Deposits made with Accountant General before 1st January 1982

        1. 10.A deposit made under regulation 6 of the Insurance Companies...

      10. Continuation of business where contract made before 1st January 1982

        1. 11.Where— (a) as a result of the repeal of section...

      11. Applications for approval of transfer made before 1st January 1982

        1. 12.Where an application to the Secretary of State under the...

      12. Saving for section 42 of the Insurance Companies Act 1974

        1. 13.Section 42 of the Insurance Companies Act 1974 shall continue...

        2. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      13. Saving for winding up commenced before rules made under section 365 of the Companies Act or section 317 of the Companies (Northern Ireland) Order 1986

        1. 15.The provisions of this Act, so far as re-enacting provisions...

      14. Saving for repeal of section 17(2) and (3) of, and Schedules 3 and 4 to, the Insurance Companies Act 1958

        1. 16.If no rules under section 51(2) of the Insurance Companies...

      15. Northern Ireland

        1. 17.Section 17(2)(a) of the Interpretation Act 1978 shall not apply...

        2. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      16. Continuing offences

        1. 19.Where an offence for the continuance of which a penalty...

      17. Transitional provisions relating to sections 9(7), 71(3), 81(2) and 88(2) of this Act

        1. 20.Until the coming into force of paragraph (g) of subsection...

        2. 21.In relation to offences under this Act committed in England...

      18. General

        1. 22.Subject to paragraph 17 above and without prejudice to any...

        2. 23.Without prejudice to paragraph 22 above, any enactment or document...

        3. 24.Where a period of time specified in any enactment repealed...

    13. SCHEDULE 5

      CONSEQUENTIAL AMENDMENTS

      1. The Companies Act 1948

        1. 1.In the Companies Act 1948— (a) in section 433(6) for...

        2. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        4. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        5. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. The Companies Act 1967

        1. 6.In the Companies Act 1967— (a) in section 89(1) for...

      3. The Children and Young Persons Act (Northern Ireland) Act 1968

        1. 7.In section 7 of the Children and Young Persons Act...

      4. The Employers’ Liability (Compulsory Insurance) Act 1969

        1. 8.In section 1(3)(b) of the Employers’ Liability (Compulsory Insurance) Act...

        2. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      5. The Employer’s Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972

        1. 11.In Article 5(3)(b) of the Employer’s Liability (Defective Equipment and...

        2. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. The Local Government Act 1972

        1. 13.In the Local Government Act 1972— (a) in section 140(1)...

      7. The Consumer Credit Act 1974

        1. 14.In section 189(1) of the Consumer Credit Act 1974 in...

      8. The Solicitors Act 1974

        1. 15.In section 87(1) of the Solicitors Act 1974—

      9. The Policyholders Protection Act 1975

        1. 16.In the Policyholders Protection Act 1975— (a) in section 3(2)...

        2. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      10. The Insurance Brokers (Registration) Act 1977

        1. 18.In section 29(1) of the Insurance Brokers (Registration) Act 1977...

        2. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      11. The Credit Unions Act 1979

        1. 20.In section 15(2)(d) of the Credit Unions Act 1979 for...

        2. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      12. The Industrial Assurance (Northern Ireland) Order 1979

        1. 22.In the Industrial Assurance (Northern Ireland) Order 1979—

      13. The Companies Act 1980

        1. 23.In section 42(3) of the Companies Act 1980 for the...

        2. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      14. The Companies Act 1981

        1. 26.In the Companies Act 1981— (a) in section 5(5)(c) for...

      15. The Road Traffic (Northern Ireland) Order 1981

        1. 27.In Article 101(1) of the Road Traffic (Northern Ireland) Order...

        2. 28.(a) . . . . . . . . ....

    14. SCHEDULE 6

      REPEALS