Insurance Companies Act 1982 (repealed) (c. 50)

SCHEDULES

[F1 SCHEDULE 2C] U.K. TRANSFERS OF INSURANCE BUSINESS

Textual Amendments

F1 Sch. 2C inserted (1.7.1994) by S.I. 1994/1696, reg. 28(2), Sch. 3

Modifications etc. (not altering text)

C1 Sch. 2C: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 58

PART I U.K. TRANSFERS OF LONG TERM BUSINESS

Sanction of court required U.K.

1 (1) Where it is proposed to carry out a scheme under which the whole or part of the long term business carried on by an insurance company to which this Part of this Act applies (“the transferor company”) is to be transferred to another body whether incorporated or not (“the transferee company”) and—

(a) where the transferor company is a UK company, the business proposed to be transferred is business carried on in one or more member States;

(b) where that company is not a UK company, the business proposed to be transferred is business carried on in the United Kingdom,

the transferor company or the transferee company may apply to the court, by petition, for an order sanctioning the scheme.

(2) If any such scheme involves a compromise or arrangement falling within section 427A(1) ofthe Companies Act F2 or Article 420A(1) of the Companies (Northern Ireland) Order 1986 F3 (application of provisions about compromises and arrangements to mergers and divisions of public companies), the following provisions, namely—

(a) sections 425 to 427 of that Act, or

(b) Articles 418 to 420 of that Order,

shall have effect, as regards that compromise or arrangement, as provided by section 427A(l) or Article 420A(l) (as the case may be), but without prejudice to the operation of the provisions of this Part of this Schedule in relation to the scheme.

(3) No such transfer as is mentioned in sub-paragraph (1) above shall be carried out unless the scheme relating to the transfer has been sanctioned by the court in accordance with this Part of this Schedule; and, except in the case of any such scheme as is mentioned in sub-paragraph (2) above, no order shall be made under any of the provisions specified in paragraph (a) or (b) of that sub-paragraph in respect of so much of any compromise or arrangement as involves any such transfer.

(4) In this Part of this Schedule—

“the court” means the High Court of Justice in England except that it means—

(a) the Court of Session if the transferor company and the transferee company are both registered or both have their head offices in Scotland;

(b) the High Court of Justice in Northern Ireland if the transferor company and the transferee company are both registered or both have their head offices in Northern Ireland;

(c) either the High Court of Justice in England or the Court of Session if either the transferor company or the transferee company is registered or has its head office in Scotland;

(d) either the High Court of Justice in England or the High Court of Justice in Northern Ireland if either the transferor company or the transferee company is registered or has its head office in Northern Ireland; and

(e) either the Court of Session or the High Court of Justice in Northern Ireland if the transferor company or the transferee company is registered or has its head office in Scotland and the other such company is registered or has its head office in Northern Ireland;

“direct insurance” means insurance other than reinsurance.

Textual Amendments

F2 Section 427A was inserted by S.I. 1987/1991, reg 2(a) and Schedule, Part I and amended by the Companies Act 1989 (c.40), section 114(2).

F3 S.I. 1986/1032 (N.I.6); Article 420A was inserted by S.R. 1987/422, reg 3 and Schedule, Part I.

Modifications etc. (not altering text)

C2 Sch. 2C para. 1(2) continued (1.12.2001) by S.I. 2001/3639, art. 3(2) (with art. 2)

Procedure with respect to applications U.K.

2 (1) The court shall not determine an application under paragraph 1 above unless the petition is accompanied by a report on the terms of the scheme by an independent actuary and the court is satisfied that the requirements of sub-paragraph (2) below have been complied with.

(2) The said requirements are—

(a) that a notice stating that the application has been made and giving the address of the offices at which, and the period for which, copies of the documents mentioned in paragraph (d) below will be available as required by that paragraph has been [F4 published in the London, Edinburgh and Belfast Gazettes and, except where the court has otherwise directed—

(i) in two national newspapers in the United Kingdom;]

(ii) where the transferor company is a UK or non-EC company and, as regards any policy included in the proposed transfer which evidences a contract of direct insurance, a member State other than the United Kingdom is the State of the commitment, in two national newspapers in that member State; and

(iii) where, as regards any EFTA policy included in the proposed transfer, an EEA State other than the United Kingdom is the State of the commitment, in two national newspapers in that EEA State;

(b) except where the court has otherwise directed, that a statement—

(i) setting out the terms of the scheme; and

(ii) containing a summary of the report mentioned in sub-paragraph (1) above sufficient to indicate the opinion of the actuary on the likely effects of the scheme on the long term policy holders of the companies concerned, has been sent to each of those policy holders and to every member of those companies;

(c) that a copy of the petition, of the report mentioned in sub-paragraph (1) above and of any statement sent out under paragraph (b) above has been served on the Secretary of State and that a period of not less than twenty-one days has elapsed since the date of service;

(d) that copies of the petition and of the report mentioned in sub-paragraph (1) above have been open to inspection—

(i) at offices in the United Kingdom of the companies concerned;

(ii) where the transferor company is a UK or non-EC company and, as regards any policy included in the proposed transfer which evidences a contract of direct insurance, a member State other than the United Kingdom is the State of the commitment, at such place in that member State as the court has directed; and

(iii) where, as regards any EFTA policy included in the proposed transfer, an EEA State other than the United Kingdom is the State of the commitment, at such place in that EEA State as the court has directed,

for a period of not less than twenty-one days beginning with the date of the first publication of a notice in accordance with paragraph (a) above;

(e) in the case of any such scheme as is mentioned in paragraph 1(2) above, that copies of the documents listed in paragraph 6(1) of Schedule 15B to the Companies Act or in paragraph 6(1) of Schedule 15B to the Companies (Northern Ireland) Order 1986 had been served on the Secretary of State by the beginning of the period referred to in paragraph 3(e) of that Schedule.

(3) Each of the companies concerned shall, on payment of such fee as may be prescribed by rules of court, furnish a copy of the petition and of the report mentioned in sub-paragraph (1) above to any person who asks for one at any time before an order sanctioning the scheme is made on the petition.

(4) On any petition under paragraph 1 above, the following shall be entitled to be heard, namely—

(a) the Secretary of State, and

(b) any person (including any employee of the transferor company or the transferee company) who alleges that he would be adversely affected by the carrying out of the scheme.

(5) A policy which evidences a contract of direct insurance is an “EFTA policy" for the purposes of this Part of this Schedule if—

(a) it covers a commitment situated in an EFTA State and the transferee company is a UK or EC company or a non-EC company whose head office is in an EFTA State; or

(b) it covers a commitment situated in a member State and the transferor company or the transferee company is a non-EC company whose head office is in an EFTA State.

(6) Where the transferee company is an incorporated friendly society or registered friendly society authorised under Part IV of the Friendly Societies Act 1992 F5 , sub-paragraphs (2)(c) and (e) and (4)(a) above shall have effect as if the reference to the Secretary of State included a reference to the Friendly Societies Commission.

Textual Amendments

F4 Sch. 2C para. 2(2)(a)(i) and words immediately preceding it substituted (30.12.1994) by S.I. 1994/3132, reg. 7(1)

F5 1992 c.40.

Determination of applications U.K.

3 (1) Where the transferor company is a UK or non-EC company and any policy included in the proposed transfer evidences a contract of direct insurance, the court shall not make an order sanctioning the scheme unless—

(a) it is satisfied that the transferee company is, or will be immediately after the making of the order—

(i) authorised under section 3 or 4 above to carry on, or

(ii) authorised in accordance with Article 6 of the first long-term insurance Directive to carry on in an EEA State other than the United Kingdom,

long term business of the class or classes to be transferred under the scheme;

(b) the relevant authority certifies that the transferee company possesses the necessary margin of solvency after taking the proposed transfer into account; and

(c) where the transferor company is a UK company and the establishment from which the policies are to be transferred is situated in a member State other than the United Kingdom, the Secretary of State certifies—

(i) that the supervisory authority in that member State has been consulted about the proposed scheme; and

(ii) either that the authority has responded or that the period of three months beginning with the consultation has elapsed.

(2) Where sub-paragraph (1) above applies and, as regards any policy (other than an EFTA policy) which is included in the proposed transfer and evidences a contract of direct insurance, a member State other than the United Kingdom is the State of the commitment, the court shall not make an order sanctioning the scheme unless the Secretary of State certifies—

(a) that the supervisory authority in that member State has been notified of the proposed scheme; and

(b) either that the authority has consented to the scheme or that the authority has not refused its consent to the scheme within the period of three months beginning with the notification.

(3) Where sub-paragraph (1) above applies, the establishment of the transferee company to which the policies are to be transferred is situated in the United Kingdom and, as regards any ETFA policy included in the proposed transfer, an EEA State other than the United Kingdom is the State of the commitment, the court shall not make an order sanctioning the scheme unless the Secretary of State certifies that—

(a) the transferee company fulfils the conditions in Articles 11, 12, 14 and 16 of the second long term insurance Directive in that EEA State; and

(b) the supervisory authority in that EEA State agrees to the transfer.

(4) Where sub-paragraph (1) above applies, the establishment of the transferee company to which the policies are to be transferred is situated in an EEA State other than the United Kingdom and, as regards any ETFA policy included in the proposed transfer, an EEA State is the State of the commitment, the court shall not make an order sanctioning the scheme unless—

(a) where the EEA State in which the establishment is situated is also the State of the commitment, the Secretary of State certifies that the supervisory authority in that EEA State agrees to the transfer;

[F6 (b) where the United Kingdom is the State of the commitment the Secretary of State certifies that—

(i) the transferee company is not precluded by Schedule 2F to this Act from covering the commitment; and

(ii) the supervisory authority in the EEA State in which the establishment is situated agrees to the transfer;]

(c) where an EEA State other than the United Kingdom or the EEA State in which the establishment is situated is the State of the commitment, the Secretary of State certifies that—

(i) the transferee company fulfils the conditions in Articles 11, 12, 14 and 16 of the second long term insurance Directive in the EEA State which is the State of the commitment;

(ii) the law of that State provides for the possibility of such a transfer; and

(iii) the supervisory authority in that State agrees to the transfer.

(5) Where the transferor company is not a UK or non-EC company or any policy included in the proposed transfer evidences a contract of reinsurance, the court shall not make an order sanctioning the scheme unless it is satisfied that the transferee company is, or will be immediately after the making of the order—

(a) authorised under section 3 or 4 above to carry on, or

(b) an EC company which is not precluded by Part I of Schedule 2F to this Act from carrying on,

long term business of the class or classes to be transferred under the scheme.

(6) In this paragraph “the relevant authority" means—

(a) if the transferee company is a UK company, the Secretary of State;

(b) if the transferee company is an EC company, the supervisory authority in its home State;

(c) if the transferee company is a non-EC company whose head office is in an EFTA State, the supervisory authority in that EFTA State;

(d) if the transferee company does not fall within paragraphs (a) to (c) above, the Secretary of State or other authority which, in accordance with Article 29 or 30 of the first long term insurance Directive, is responsible for supervising the company’s margin of solvency.

(7) Where the transferee company is an incorporated friendly society or registered friendly society authorised under Part IV of the Friendly Societies Act 1992—

(a) sub-paragraphs (1)(a) and (5)(a) above shall have effect as if the reference to section 3 or 4 above were a reference to that Part of that Act; and

(b) sub-paragraph (1)(b) above shall have effect as if the relevant authority for the purposes of this paragraph were the Friendly Societies Commission.

Textual Amendments

F6 Sch. 2C para. 3(4)(b) substituted (30.12.1994) by S.I. 1994/3132, reg. 7(2)

Rights of policy holders U.K.

4 (1) This paragraph applies where the court makes an order under this Part of this Schedule sanctioning a scheme and either—

(a) the transferor company is a UK or non-EC company and, as regards any policy included in the transfer which evidences a contract of direct insurance, a member State other than the United Kingdom is the State of the commitment; or

(b) as regards any EFTA policy included in the transfer, an EEA State other than the United Kingdom is the State of the commitment.

(2) The court shall direct that—

(a) notice of the making of any order, or the execution of any instrument, giving effect to the transfer shall be published in the member State or, as the case may be, the EEA State which is the State of the commitment; and

(b) the notice shall specify the period during which the policy holder may exercise any right to cancel the policy;

and the instrument or order shall not bind the policy holder if either such a notice is not so published or the policy holder exercises any such right during the period so specified.

(3) The law of the member State or, as the case may be, the EEA State which is the State of the commitment shall determine—

(a) whether the policy holder has a right to cancel the policy; and

(b) the conditions applicable to any such right.

Modifications etc. (not altering text)

C3 Sch. 2C para. 4 continued (1.12.2001) by S.I. 2001/3639, art. 3(6) (with art. 2)

Supplementary provisions U.K.

5 (1) Where the court makes an order under this Part of this Schedule sanctioning a scheme the court may, either by that order or by any subsequent order, make provision for all or any of the following matters—

(a) the transfer to the transferee company of the whole or any part of the undertaking and of the property or liabilities of the transferor company;

(b) the allotting or appropriation by the transferee company of any shares, debentures, policies or other like interests in that company which under the scheme are to be allotted or appropriated by that company to or for any person;

(c) the continuation by or against the transferee company of any legal proceedings pending by or against the transferor company;

(d) the dissolution, without winding up, of the transferor company;

(e) such incidental, consequential and supplementary matters as are necessary to secure that the scheme shall be fully and effectively carried out.

(2) Where any such order provides for the transfer of property or liabilities, that property shall, by virtue of the order, be transferred to and vest in, and those liabilities shall, by virtue of the order, be transferred to and become the liabilities of, the transferee company, and in the case of any property, if the order so directs, freed from any mortgage or charge which is by virtue of the scheme to cease to have effect.

(3) Where the transferor company is a UK or non-EC company, it is immaterial for the purposes of sub-paragraphs (1)(a), (c) and (e) and (2) above that the law applicable to any of the contracts of direct insurance included in the transfer is the law of an EEA State other than the United Kingdom.

(4) For the purposes of any provision requiring the delivery of an instrument of transfer as acondition for the registration of a transfer of any property, including in particular—

(a) section 183(1) of the Companies Act and section 56(4) of the Finance Act 1946 F7 ; and

(b) Article 193(1) and (2) of the Companies (Northern Ireland) Order 1986 and section 27(4) of the Finance (No 2) Act (Northern Ireland) 1946 F8 ,

an order which by virtue of this paragraph operates to transfer any property shall be treated as an instrument of transfer.

(5) Where a scheme is sanctioned by an order of the court under this Part of this Schedule, the transferee company shall, within ten days from the date on which the order is made or such longer period as the Secretary of State may allow, deposit two office copies of the order with the Secretary of State.

(6) In this paragraph “property" includes property, rights and powers of every description, “liabilities" includes duties and “shares" and “debentures" have the same meaning as in the Companies Act or the Companies (Northern Ireland) Order 1986.

Textual Amendments

F7 1946 c.64.

F8 1946 c.17 (N.I.).

PART II U.K. TRANSFERS OF GENERAL BUSINESS

Approval of Secretary of State required U.K.

6 (1) Where it is proposed to execute an instrument by which an insurance company to which this Part of this Act applies (“the transferor") is to transfer to another body (“the transferee") all its rights and obligations under such general policies, or general policies of such descriptions as may be specified in the instrument, and—

(a) where the transferor is a UK company, the performance by it of the obligations proposed to be transferred constitutes the carrying on of insurance business in one or more member States; or

(b) where the transferor is not a UK company, the performance by it of the obligations proposed to be transferred constitutes the carrying on of insurance business in the United Kingdom,

the transferor may apply to the Secretary of State for his approval of the transfer.

(2) Any notice or other document authorised or required to be given or served under this Partof this Schedule may, without prejudice to any other method of service, be served by post; and a letter containing the notice or other document shall be deemed to be properly addressed if it is addressed to that person at his last known residence or last known place of business in the United Kingdom.

(3) In this Part of this Schedule—

“direct insurance" means insurance other than reinsurance;

“general policy" means a policy evidencing a contract the effecting of which constitutes the carrying on of general business.

Procedure with respect to applications U.K.

7 (1) The Secretary of State shall not determine an application made under paragraph 6 above unless he is satisfied that—

(a) a notice approved by him for the purpose has been [F9 published in the London, Edinburgh and Belfast Gazettes and, if he thinks fit—

(i) in two national newspapers in the United Kingdom which have been so approved;]

(ii) where the transferor is a UK or non-EC company and, as regards any policy included in the proposed transfer which evidences a contract of direct insurance, the risk is situated in a member State which is not the United Kingdom, in two national newspapers in that member State; and

(iii) where, as regards any EFTA policy included in the proposed transfer, an EEA State other than the United Kingdom is the EEA State in which the risk is situated, in two national newspapers in that EEA State;

(b) except in so far as he has otherwise directed, a copy of the notice has been sent to every affected policy holder and every other person who claims an interest in a policy included in the proposed transfer and has given written notice of his claim to the transferor; and

(c) copies of a statement setting out particulars of the transfer and approved by him for the purpose have been available for inspection—

(i) at one or more places in the United Kingdom;

(ii) where the transferor is a UK or non-EC company and, as regards any policy included in the proposed transfer which evidences a contract of direct insurance, the risk is situated in a member State which is not the United Kingdom, at one or more places in that member State; and

(iii) where, as regards any EFTA policy included in the proposed transfer, an EEA State other than the United Kingdom is the EEA State in which the risk is situated, at one or more places in that EEA State,

for a period of not less than thirty days beginning with the date of the first publication of the notice in accordance with paragraph (a) above.

(2) The notice referred to in sub-paragraph (1) above shall include a statement that written representations concerning the transfer may be sent to the Secretary of State before a specified day, which shall not be earlier than sixty days after the day of the first publication of the notice in accordance with sub-paragraph (1)(a) above; and the Secretary of State shall not determine the application until after considering any representations made to him before the specified day.

(3) For the purposes of this paragraph a policy holder is an “affected policy holder" in relation to a proposed transfer if—

(a) his policy is included in the transfer, or

(b) his policy is with the transferor and the Secretary of State has certified, after consulting the transferor, that in the opinion of the Secretary of State the policy holder’s rights and obligations under the policy will or may be materially affected by the transfer.

(4) A policy which evidences a contract of direct insurance is an “EFTA policy" for the purposes of this Part of this Schedule if—

(a) it covers a risk situated in an EFTA State and the transferee is a UK or EC company or a non-EC company whose head office is in an EFTA State; or

(b) it covers a risk situated in a member State and the transferor company or the transferee is a non-EC company whose head office is in an EFTA State.

(5) Where the transferor is a UK or non-EC company and the transferee is an incorporated friendly society or registered friendly society authorised under Part IV of the Friendly Societies Act 1992, sub-paragraph (1)(b) shall have effect as if the reference to every affected policy holder included a reference to the Friendly Societies Commission.

Textual Amendments

F9 Sch. 2C para. 7(1)(a)(i) and words immediately preceding it substituted (30.12.1994) by S.I. 1994/3132, reg. 7(3)

Determination of applications U.K.

8 (1) Where the transferor is a UK or non-EC company and any policy included in the proposed transfer evidences a contract of direct insurance, the Secretary of State shall not approve the transfer unless—

(a) he is satisfied that the transferee is, or will be immediately after the approval—

(i) authorised under section 3 or 4 above to carry on, or

(ii) authorised in accordance with Article 6 of the first general insurance Directive to carry on in an EEA State other than the United Kingdom,

general business of the class or classes to be transferred by the instrument;

(b) he is also satisfied that every policy included in the transfer evidences a contract which was entered into before the date of the application;

(c) the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; F10 . . .

(d) where the transferor is a UK company and the establishment from which the policies are to be transferred is situated in a member State other than the United Kingdom, the Secretary of State is satisfied

(i) that the supervisory authority in that member State has been consulted about the proposed transfer; and

(ii) either that the authority has responded or that the period of three months beginning with the consultation has elapsed.

[F11 (e) in the opinion of the Secretary of State the circumstances of the case justify the giving of his approval]

(2) Where sub-paragraph (1) above applies and, as regards any policy (other than an EFTA policy) which is included in the proposed transfer and evidences a contract of direct insurance, the risk is situated in a member State other than the United Kingdom, the Secretary of State shall not approve the transfer unless he is satisfied—

(a) that the supervisory authority in that member State has been notified of the proposed transfer;

(b) either that the authority has consented to the transfer or that the authority has not refused its consent to the transfer within the period of three months beginning with the notification.

(3) Where sub-paragraph (1) above applies, the establishment of the transferee to which the policies are to be transferred is situated in the United Kingdom and, as regards any EFTA policy included in the proposed transfer, an EEA State other than the United Kingdom is the State in which the risk is situated, the Secretary of State shall not approve the transfer unless he is satisfied that—

(a) the transferee either fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in that EEA State or will be participating, by virtue of the transfer of that policy, in a Community co-insurance operation otherwise than as the leading insurer; and

(b) the supervisory authority in that EEA State agrees to the transfer.

(4) Where sub-paragraph (1) above applies, the establishment of the transferee to which the policies are to be transferred is situated in an EEA State other than the United Kingdom and, as regards any EFTA policy included in the proposed transfer, an EEA State F12 . . . is the State in which the risk is situated, the Secretary of State shall not approve the transfer unless—

(a) where the EEA State in which the establishment is situated is also the State in which the risk is situated, he is satisfied that the supervisory authority in that EEA State agrees to the transfer;

[F13 (b) where the United Kingdom is the State in which the risk is situated, he is satisfied that—

(i) the transferee is not precluded by Schedule 2F to this Act from covering the risk; and

(ii) the supervisory authority in the EEA State in which the establishment is situated agrees to the transfer;]

(c) where an EEA State other than the United Kingdom or the EEA State in which the establishment is situated is the State in which the risk is situated, he is satisfied that—

(i) the transferee either fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the EEA State in which the risk is situated or will be participating, by virtue of the transfer of that policy, in a Community co-insurance operation otherwise than as the leading insurer;

(ii) the law of that State provides for the possibility of such a transfer; and

(iii) the supervisory authority in that State agrees to the transfer.

(5) Where the transferor company is not a UK or non-EC company or any policy included in the proposed transfer evidences a contract of reinsurance, the Secretary of State shall not approve the transfer on an application under paragraph 6 above unless he is satisfied that —

[F14 (a) the transferee is, or will be immediately after the approval—

(i) authorised under section 3 or 4 above to carry on; or

(ii) an EC company which is not precluded by Part I of Schedule 2F to this Act from carrying on,

general business of the class or classes to be transferred by the instrument; and

(b) every policy included in the transfer evidences a contract which was entered into before the date of the application,

and in his opinion the transferee’s financial resources and the other circumstances of the case justify the giving of his approval.]

(6) Where the Secretary of State determines an application under paragraph 6 above, he shall—

(a) publish a notice of his decision in the London, Edinburgh and Belfast Gazettes and in such other manner as he may think fit, and

(b) send a copy of that notice to the transferor, the transferee and every person who made representations in accordance with the notice referred to in paragraph 7(1) above;

and if he refuses the application he shall inform the transferor and the transferee in writing of the reasons for his refusal.

(7) In this paragraph “the relevant authority" means—

(a) if the transferee is a UK company, the Secretary of State;

(b) if the transferee is an EC company, the supervisory authority in its home State;

(c) if the transferee is a non-EC company whose head office is in an EFTA State, the supervisory authority in that EFTA State;

(d) if the transferee is a Swiss general insurance company, the supervisory authority in Switzerland;

(e) if the transferee does not fall within paragraphs (a) to (d) above, the Secretary of State or other authority which, in accordance with Article 25 or 26 of the first general insurance Directive, is responsible for supervising the transferee’s margin of solvency.

(8) Where the transferor is a UK or non-EC company and the transferee is an incorporated friendly society or registered friendly society authorised under Part IV of the Friendly Societies Act 1992—

(a) sub-paragraphs (1)(a) and (5)(a) above shall have effect as if the reference to section 3 or 4 above were a reference to that Part of that Act; and

(b) sub-paragraph (1)(c) above shall have effect as if the relevant authority for the purposes of this paragraph were the Friendly Societies Commission.

Textual Amendments

F10 Word in Sch. 2C before para. 8(1)(d) omitted (30.12.1994) by virtue of S.I. 1994/3132, reg. 7(4)

F11 Sch. 2C para. 8(1)(e) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(4)

F12 Words in Sch. 2C para. 8(4) omitted (30.12.1994) by virtue of S.I. 1994/3132, reg. 7(5)

F13 Sch. 2C para. 8(4)(b) substituted (30.12.1994) by S.I. 1994/3132, reg. 7(5)

F14 In Sch. 2C para. 8(5) words and paragraphs (a)(b) substituted (30.12.1994) by S.I. 1994/3132, reg. 7(6)

Rights of policy holders U.K.

9 (1) This paragraph applies where the Secretary of State approves an application made under paragraph 6 above and either—

(a) the transferor is a UK or non-EC company and, as regards any policy included in the transfer which evidences a contract of direct insurance, a member State other than the United Kingdom is the member State in which the risk is situated; or

(b) as regards any EFTA policy included in the transfer, an EEA State other than the United Kingdom is the EEA State in which the risk is situated.

(2) The Secretary of State shall direct that—

(a) notice of his decision, and of the execution of any instrument giving effect to the transfer, shall be published in the member State or, as the case may be, the EEA State in which the risk is situated; and

(b) the notice shall specify the period during which the policy holder may exercise any right to cancel the policy;

and the instrument shall not bind the policy holder if either such a notice is not so published or the policy holder exercises any such right during the period so specified.

(3) The law of the member State or, as the case may be, the EEA State in which the risk is situated shall determine—

(a) whether the policy holder has a right to cancel the policy; and

(b) the conditions applicable to any such right.

Effect of approval of Secretary of State U.K.

[10 (1) Subject to paragraph 9(2) above, an instrument giving effect to a transfer approved by the Secretary of State under this Part of this Schedule shall be effectual in law—

(a) to transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument, and

(b) if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations, notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.

(2) Where the transferor is a UK or non-EC company, it is immaterial for the purposes of sub-paragraph (1) above that the law applicable to any of the contracts of direct insurance included in the transfer is the law of an EEA State other than the United Kingdom.

(3) Except in so far as the Secretary of State may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.]

SCHEDULES

Section 1.

SCHEDULE 1 U.K. Classes of Long Term Business

Number	Description	Nature of business
I	Life and annuity.	Effecting and carrying out contracts of insurance on human life or contracts to pay annuities on human life, but excluding (in each case) contracts within Class III below.
II	Marriage and birth.	Effecting and carrying out contracts of insurance to provide a sum on marriage or on the birth of a child, being contracts expressed to be in effect for a period of more than one year.
III	Linked long term.	Effecting and carrying out contracts of insurance on human life or contracts to pay annuities on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).
IV	Permanent health.	Effecting and carrying out contracts of insurance providing specified benefits against risks of persons becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or infirmity, being contracts that—
		(a) are expressed to be in effect for a period of not less than five years, or until the normal retirement age for the persons concerned, or without limit of time, and
		(b) either are not expressed to be terminable by the insurer, or are expressed to be so terminable only in special circumstances mentioned in the contract.
V	Tontines.	Effecting and carrying out tontines.
VI	Capital redemption.	Effecting and carrying out capital redemption contracts.
VII	Pension fund management.	Effecting and carrying out—
		(a) contracts to manage the investments of pension funds, or
		(b) contracts of the kind mentioned in paragraph (a) above that are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.
[F15 VIII	Collective insurance etc.	Effecting and carrying out contracts of a kind referred to in Article 1(2)(e) of the first long term insurance Directive.
IX	Social insurance	Effecting and carrying out contracts of a kind referred to in Article 1(3) of the first long term insurance Directive.]

Textual Amendments

F15 Classes VIII, IX in Sch. 1 inserted (1.7.1994) by S.I. 1994/1696, reg. 3

Sections 1 and 3.

SCHEDULE 2 U.K. General Business

Part I U.K. Classes

Number	Description	Nature of business
1	Accident.	Effecting and carrying out contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of both) against risks of the person insured or, in the case of a contract made by virtue of section 140, 140A or 140B of the Local Government Act 1972, a person for whose benefit the contract is made—
		(a) sustaining injury as the result of an accident or of an accident of a specified class, or
		(b)dying as the result of an accident or of an accident of a specified class, or
		(c)becoming incapacitated in consequence of disease or of disease of a specified class,
		inclusive of contracts relating to industrial injury and occupational disease but exclusive of contracts falling within class 2 below or within class IV in Schedule 1 to this Act (permanent health).
2	Sickness.	Effecting and carrying out contracts of insurance providing fixed pecuniary benefits or benefits in the nature of indemnity (or a combination of the two) against risks of loss to the persons insured attributable to sickness or infirmity, but exclusiove of contracts falling within class IV in Schedule 1 to this Act.
3	Land vehicles.	Effecting and carrying out contracts of insurance against loss of or damage to vehicles used on land, including motor vehicles but excluding railway rolling stock.
4	Railway rolling stock.	Effecting and carrying out contracts of insurance against loss of or damage to railway rolling stock.
5	Aircraft.	Effecting and carrying out contracts of insurance upon aircraft or upon the machinery, tackle, furniture or equipment of aircraft.
6	Ships.	Effecting and carrying out contracts of insurance upon vessels used on the sea or on inland water, or upon the machinery, tackle, furniture or equipment of such vessels.
7	Goods in transit.	Effecting and carrying out contracts of insurance against loss of or damage to merchandise, baggage and all other goods in transit, irrespective of the form of transport.
8	Fire and natural forces.	Effecting and carrying out contracts of insurance against loss of or damage to property (other than property to which classes 3 to 7 above relate) due to fire, explosion, storm, natural forces other than storm, nuclear energy or land subsidence.
9	Damage to property.	Effecting and carrying out contracts of insurance against loss of or damage to property (other than property to which classes 3 to 7 above relate) due to hail or frost or to any event (such as theft) other than those mentioned in class 8 above.
10	Motor vehicle liability.	Effecting and carrying out contracts of insurance against damage arising out of or in connection with the use of motor vehicles on land, including third-party risks and carrier’s liability.
11	Aircraft liability.	Effecting and carrying out contracts of insurance against damage arising out of or in connection with the use of aircraft, including third-party risks and carrier’s liability.
12	Liability for ships.	Effecting and carrying out contracts of insurance against damage arising out of or in connection with the use of vessels on the sea or on inland water, including third-party risks and carrier’s liability.
13	General liability.	Effecting and carrying out contracts of insurance against risks of the persons insured incurring liabilities to third parties, the risks in question not being risks to which class 10, 11 or 12 above relates.
14	Credit.	Effecting and carrying out contracts of insurance against risks of loss to the persons insured arising from the insolvency of debtors of theirs or from the failure (otherwise than through insolvency) of debtors of theirs to pay their debts when due.
15	Suretyship.	Effecting and carrying out—
		(a) contracts of insurance against risks of loss to the persons insured arising from their having to perform contracts of guarantee entered into by them;
		(b) contracts for fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee.
16	Miscellaneous financial loss.	Effecting and carrying out contracts of insurance against any of the following risks, namely—
		(a) risks of loss to the persons insured attributable to interruptions of the carrying on of business carried on by them or to reduction of the scope of business so carried on;
		(b) risks of loss to the persons insured attributable to their incurring unforeseen expense [F16 (other than loss such as is covered by contracts falling within class 18 below)];
		(c) risks neither falling within paragraph (a) or (b) above nor being of a kind such that the carrying on of the business of effecting and carrying out contracts of insurance against them constitutes the carrying on of insurance business of some other class.
17	Legal expenses.	Effecting and carrying out contracts of insurance against risks of loss to the persons insured attributable to their incurring legal expenses (including costs of litigation).
[F17 18]	[F17 Assistance]	[F17 Effecting and carrying out contracts of insurance providing either or both of the following benefits, namely—]
		[F17 (a) assistance (whether in cash or in kind) for persons who get into difficulties while travelling, while away from home or while away from their permanent residence, or]
		[F17 (b) assistance (whether in cash or in kind) for persons who get into difficulties otherwise than as mentioned in paragraph (a) above.]

Textual Amendments

F16 Words added by S.I. 1987/2130, reg. 2(b)(i)

F17 Class 18 added by S.I. 1987/2130, reg. 2(b)(ii)

Part II U.K. Groups of Classes

Modifications etc. (not altering text)

C4 Pt. II Group 1 extended by S.I. 1984/1821 (N.I. 11), art. 17(3)

Number	Description	Nature of business
1	Accident and health.	Classes 1 and 2.
2	Motor.	Class 1 (to the extent that the relevant risks are risks of the person insured sustaining injury, or dying, as the result of travelling as a passenger) and classes 3, 7 and 10.
3	Marine and transport.	Class 1 (to the said extent) and classes 4, 6, 7 and 12.
4	Aviation.	Class 1 (to the said extent) and classes 5, 7 and 11.
5	Fire and other damage to property.	Classes 8 and 9.
6	Liability.	Classes 10, 11, 12 and 13.
7	Credit and suretyship.	Classes 14 and 15.
8	General.	All classes.

Section 7.

[F18 SCHEDULE 3 U.K. Determination of Premium Limit]

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18 Sch. 3 ceased to have effect (1.7.1994) by virtue of S.I. 1994/1696, regs. 7(2), 68(3)

[F19 SCHEDULE 3A U.K. Law applicable to certain contracts of insurance]

Textual Amendments

F19 Schedule 3A inserted by S.I. 1990/1333, reg. 6(2)

[F20 PART I U.K. general BUSINESS]

Textual Amendments

F20 By virtue of S.I. 1993/174, reg. 5(4)(5) the provisions of Sch. 3A have become (20.5.1993) Pt. I of that Sch. under that heading “GENERAL BUSINESS” and Pt. II of Sch. 3A inserted

X1 General rules as to applicable law U.K.

Editorial Information

X1 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

X2 1 (1) Where the policy holder has his habitual residence or central administration within the territory of the member State where the risk is situated, the law applicable to the contract is the law of that member State.

However, where the law of that member State so allows, the parties may choose the law of another country.

(2) Where the policy holder does not have his habitual residence or central administration within the territory of the member State where the risk is situated, the parties to the contract may choose to apply either—

(a) the law of the member State where the risk is situated, or

(b) the law of the country in which the policy holder has his habitual residence or central administration.

(3) Where the policy holder carries on a business and the contract covers two or more risks relating to his business which are situated in different member States, the freedom of choice of the law applicable to the contract extends to the laws of those member States and of the country in which he has his habitual residence or central administration.

In this sub-paragraph “business” includes a trade or profession.

(4) Where the member States referred to in sub-paragraph (2) or (3) grant greater freedom of choice of the law applicable to the contract, the parties may take advantage of that freedom.

(5) Notwithstanding sub-paragraphs (1) to (3), when the risks covered by the contract are limited to events occurring in a member State other than the member State where the risk is situated, the parties may always choose the law of the former State.

[F21 (6) Where the risk—

(a) is situated in an EFTA state and falls within class 4, 5, 6, 7, 11 or 12 of Part I of Schedule 2 to this Act; or

(b) is situated in a member State and is a large risk,

the parties to the contract may choose any law.

(7) Where the risk is situated in a member State which has implemented the transitional provisions in Article 27 of the second general insurance Directive, the meaning of 'large risk’ for the purposes of sub-paragraph (6) above shall be determined in accordance with the law applicable in that State.]

Editorial Information

X2 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading

Textual Amendments

F21 Sch. 3A para. 1(6)(7) substituted (1.7.1994) for Sch. 3A para. 1(6) by S.I. 1994/1696, reg. 49

X3 Applicable law in the absence of choice U.K.

Editorial Information

X3 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

X4 2 (1) The choice referred to in paragraph 1 must be expressed or demonstrated with reasonable certainty by the terms of the contract or the circumstances of the case.

(2) If that is not so, or if no choice has been made, the contract shall be governed by the law of the country (from amongst those considered in the relevant sub-paragraphs) with which it is most closely connected.

(3) Nevertheless, a severable part of the contract which has a closer connection with another country (from amongst those considered in the relevant sub-paragraphs) may by way of exception be governed by the law of that other country.

(4) A contract is rebuttably presumed to be most closely connected with the member State where the risk is situated.

Editorial Information

X4 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

X5 Mandatory rules U.K.

Editorial Information

X5 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

X6 3 (1) The fact that in the cases referred to in paragraph 1 the parties have chosen a law does not, where all the other elements relevant to the situation at the time of the choice are connected with one member State only, prejudice the application of the mandatory rules of the law of that member State, which means the rules from which the law of that member State allows no derogation by means of a contract.

(2) Nothing in [F22 this Part of this Schedule]restricts the application of the rules of a part of the United Kingdom in a situation where they are mandatory, irrespective of the law otherwise applicable to the contract.

Editorial Information

X6 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

Textual Amendments

F22 Words in Sch. 3 paras. 3(2) substituted (20.5.1993) by S.I. 1993/174, reg. 5(4)(a)

X7 Supplementary provisions U.K.

Editorial Information

X7 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

X8 4 (1) Where a member State includes several territorial units, each of which has its own rules of law concerning contractual obligations, each unit shall be considered as a country for the purposes of identifying the applicable law.

(2) The provisions of [F23 this Part of this Schedule]apply to conflicts between the laws of the different parts of the United Kingdom.

Editorial Information

X8 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

Textual Amendments

F23 Words in Sch. 3, para. 4(2) substituted (20.5.1993) by S.I. 1993/174, reg. 5(4)(a)

X9 5 (1) Subject to the preceding provisions of [F24 this Part of this Schedule], a court in a part of the United Kingdom [F25 shall act in accordance with the provisions of the Contracts (Applicable Law) Act 1990;]

(2) In particular, reference shall be made to [F26 those provisions]—

(a) to ascertain for the purposes of paragraph 1(1) and (4) what freedom of choice the parties have under the law of a part of the United Kingdom; and [F27 those provisions]

(b) to determine whether the mandatory rules of another member State should be applied in accordance with paragraph 3(1) where the law otherwise applicable is the law of a part of the United Kingdom.

Editorial Information

X9 The existing provisions of Sch. 3A (paras. 1-5) became Sch. 1A Pt. I with effect from 20.05.1993 when a new Pt. I heading was inserted. Versions of those provisions as they stood at any time before that date cannot be accessed by navigation from this version. To view those versions, it is recommended that users either conduct an 'advanced search' specifying an 'as at' date earlier than 20.05.1993 or navigate via the Sch. 3A heading.

Textual Amendments

F24 Words in Sch. 3 para. 5(1) substituted (20.5.1993) by S.I. 1993/174, reg. 5(4)(a)

F25 Words in Sch. 3 para. 5(1) substituted (20.5.1993) by S.I. 1993/174, reg. 5(4)(b)

F26 Words in Sch. 3 para. 5(2) substituted (20.5.1993) by S.I. 1993/174, reg. 5(4)(c)

F27 Words in Sch. 3 para. 5(2) substituted (20.5.1993) by S.I. 1993/174, reg. 5(4)(c)

[F28 PART II U.K. LONG TERM BUSINESS]

Textual Amendments

F28 Sch. 3A Pt. II (paras. 6-10) inserted (20.5.1993) by S.I. 1993/174, reg. 5(5)

General rules as to applicable law U.K.

6 The law applicable to the contract is the law of the member State of the commitment. However, where the law of that member State so allows, the parties may choose the law of another country.

7 Where the policy holder is an individual and has his habitual residence in a member State other than that of which he is a national, the parties may choose the law of the member State of which he is a national.

mandatory rules U.K.

8 Nothing in this Part of this Schedule restricts the application of the rules of a part of the United Kingdom in a situation where they are mandatory, irrespective of the law otherwise applicable to the contract.

supplementary provisions U.K.

9 (1) Where a member State includes several territorial units, each of which has its own rules of law concerning contractual obligations, each unit shall be considered as a country for the purposes of identifying the applicable law.

(2) The provisions of this Part of this Schedule apply to conflicts between the laws of the different parts of the United Kingdom.

10 (1) Subject to the preceding provisions of this Part of this Schedule, a court in a part of the United Kingdom shall act in accordance with the provisions of the Contracts (Applicable Law) Act 1990].

(2) In particular, reference shall be made to those provisions to ascertain for the purposes of paragraph 6 what freedom of choice the parties have under the law of a part of the United Kingdom.

Section 99(1).

SCHEDULE 4 U.K. Saving and Transitional Provisions

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

1 The repeal by the M1 Insurance Companies Amendment Act 1973 of sections 65, 68 and 80 and subsection (1)(f) of section 109 of the M2 Companies Act 1967 shall not affect—

(a) any requirement or direction imposed or given under any of those sections before 25th July 1973;

(b) the giving of a direction under the said section 68 in any case in which a notice has been served under subsection (3) of that section before that date; or

(c) the exercise by an officer of any powers under the said section 109 in a case in which he has been authorised before that date to exercise them;

and the said Act of 1967 shall have effect in relation to any such requirement, direction or powers as if the said Act of 1973, the M3 Insurance Companies Act 1974 and this Act had not been passed.

Marginal Citations

M1 1973 c. 58.

M2 1967 c. 81

M3 1974 c. 49.

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F29 2

Textual Amendments

F29 Sch. 4 para. 5 repealed (5.11.1993) by 1993 c.50, s. 1(1), Sch. 1 Pt.V

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F30 3

Textual Amendments

F30 Sch. 4 para. 5 repealed (5.11.1993) by 1993 c.50, s. 1(1), Sch. 1 Pt.V

Margins of solvency U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F31 4

Textual Amendments

F31 Sch. 4 para. 4 repealed (5.11.1993) by 1993 c.50, s. 1(1), Sch. 1 Pt.V

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F32 5

Textual Amendments

F32 Sch. 4 para. 5 repealed (5.11.1993) by 1993 c.50, s. 1(1), Sch. 1 Pt.V

Postponement of coming into force of section 36 above U.K.

6 F33 . . .Section 36 of this Act shall not take effect until the first regulations under the said section F33 . . .36 come into operation.

Textual Amendments

F33 Words in Sch. 4 para. 6 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. V

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

7 For the purposes of section 37(2)(f) of this Act, a scheme of operations submitted pursuant to regulation 5 of the M4 Insurance Companies (Authorisation and Accounts: General Business) Regulations 1978 shall be regarded as a proposal or forecast submitted in accordance with section 5 of this Act.

Marginal Citations

M4 S.I. 1978/720.

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

8 Where a requirement under section 29 of the Insurance Companies Act 1974 was in force immediately before 1st January 1982—

(a) that requirement shall continue in force,

(b) any requirement imposed under sections 30 to 37 of that Act on the company concerned, if it was in force immediately before that day, shall continue in force, and

(c) section 47(1) of this Act shall apply to any requirement that continues in force under sub-paragraph (a) or (b) above.

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F34 9

Textual Amendments

F34 Sch. 4 para. 9 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

Deposits made with Accountant General before 1st January 1982 U.K.

10 A deposit made under regulation 6 of the M5 Insurance Companies (Solvency: General Business) Regulations 1977 shall, in so far as it remained with the Accountant General of the Supreme Court immediately before 1st January 1982, be regarded as having been made under section 9(1)(c) of this Act.

Marginal Citations

M5 S.I. 1977/1553.

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

11 Where—

(a) as a result of the repeal of section 83(2)(b) of the Insurance Companies Act 1974 any particular kind of ordinary long-term insurance business has become general business, and

(b) an insurance company was immediately before 1st January 1982 lawfully carrying on that particular kind of business in the United Kingdom,

then, notwithstanding the lack of an authorisation to carry on general business, the company may continue to carry out any contract of insurance relating to that particular kind of business if the contract was made before 1st January 1982.

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F35 12

Textual Amendments

F35 Sch. 4 Para. 12 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

Saving for section 42 of the Insurance Companies Act 1974 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

13

Modifications etc. (not altering text)

C5 Sch. 4 para. 13 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

F36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

14

Textual Amendments

F36 Sch. 4 para. 14 repealed by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 29, Sch. 1

Saving for winding up commenced before rules made under section 365 of the [F37 Companies Act] or section 317 of the [F38 Companies (Northern Ireland) Order 1986] U.K.

Textual Amendments

F37 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F38 Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II

15 The provisions of this Act, so far as re-enacting provisions of the Insurance Companies Act 1974 which repealed and re-enacted provisions of the M6 Insurance Companies Amendment Act 1973 relating to winding up, shall not affect any winding up commenced before the date on which the first rules made under section 365 of the [F39 Companies Act] or, as the case may be, section 317 of the M7 [F40 Companies (Northern Ireland) Order 1986] by virtue of F41 . . . section 59(2) above come into operation.

Textual Amendments

F39 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F40 Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II

F41 Words in Sch. 4 para. 15 repealed (5.11.1993) by 1993 c. 50 s. 1(1), Sch. 1 Pt.V

Marginal Citations

M6 1973 c. 58.

M7 1960 c. 22 (N.I.)

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F42 16

Textual Amendments

F42 Sch. 4 para. 16 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

Northern Ireland U.K.

17 Section 17(2)(a) of the M8 Interpretation Act 1978 shall not apply to the reference to the Insurance Companies Act 1974 in paragraph 2 of Schedule 4 to the M9 Insurance Companies Act 1980.

Marginal Citations

M8 1978 c. 30.

M9 1980 c. 25.

F43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

18

Textual Amendments

F43 Sch. 4 para. 18 repealed by S.I. 1986/1035 (N.I. 9), art. 24, Sch. 2

Continuing offences U.K.

19 Where an offence for the continuance of which a penalty was provided has been committed under any enactment repealed by this Act proceedings may be taken under this Act in respect of the continuance of the offence after the commencement of this Act in the like manner as if the offence had been committed under the corresponding provision of this Act.

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F44 20

Textual Amendments

F44 Sch. 4 para. 20 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F45 21

Textual Amendments

F45 Sch. 4 para. 21 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

General U.K.

22 Subject to paragraph 17 above and without prejudice to any express amendment made by this Act, any enactment or other document whatsoever referring to any enactment repealed by this Act shall, unless the context otherwise requires, be construed as referring (or as including a reference) to the corresponding enactment in this Act.

23 Without prejudice to paragraph 22 above, any enactment or document whatsoever referring to an assurance company within the meaning of the M10 Assurance Companies Act 1909 shall be construed as referring (or as including a reference) to an insurance company to which Part II of this Act applies.

Marginal Citations

M10 1909 c. 49.

24 Where a period of time specified in any enactment repealed by this Act is current at the commencement of this Act, this Act has effect as if the corresponding provision of this Act had been in force when that period began to run.

Section 99(2)

SCHEDULE 5 U.K. CONSEQUENTIAL AMENDMENTS

Modifications etc. (not altering text)

C6 Schedule 5 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

The Companies Act 1948 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F46 1

Textual Amendments

F46 Sch. 5 para. 1 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

F47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

2

Textual Amendments

F47 Sch. 5 para. 2: the amendments to the Companies Act (Northern Ireland) 1960 are repealed by S.I. 1986/1035 (N.I. 9), art. 24, Sch. 2

F48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

3

Textual Amendments

F48 Sch. 5 para. 3 repealed by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 119(5), 120, Sch. 19 Pt. I

F49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

4

Textual Amendments

F49 Sch. 5 para. 4 repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), ss. 3, 5(2), Sch. 1 Pt. I, Sch. 4

F50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

5

Textual Amendments

F50 Sch. 5 para. 5 repealed by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 119(5), 120, Sch. 19 Pt. I

The Companies Act 1967 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F51 6

Textual Amendments

F51 Sch. 5 para. 6 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

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

7 In section 7 of the M11 Children and Young Persons Act (Northern Ireland) 1968 for “1974" substitute “ 1982 ”.

Marginal Citations

M11 1968 c. 34. (N.I.).

The Employers’ Liability (Compulsory Insurance) Act 1969 U.K.

8 In section 1(3)(b) of the M12 Employers’ Liability (Compulsory Insurance) Act 1969 for “1981” substitute “ 1982 ”.

Marginal Citations

M12 1969 c. 57.

F52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

9

Textual Amendments

F52 Sch. 5 para. 9 repealed by S.I. 1984/1821 (N.I. 11), art. 53(3), Sch. 5 Pt. I

F53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

10

Textual Amendments

F53 Sch. 5 para. 10 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 843, 844(4), Sch. 31

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

11 In Article 5(3)(b) of the M13 Employer’s Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972 for “1981” substitute “ 1982 ”.

Marginal Citations

M13 S.I. 1972/963 (N.I. 6).

F54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

12

Textual Amendments

F54 Sch. 5 para. 12 repealed by Road Traffic (Consequential Provisions) Act 1988 (c. 54, SIF 107:1), ss. 3, 5, Sch. 1 Pt. I, Sch. 4 paras. 1, 2

The Local Government Act 1972 U.K.

13 In the M14 Local Government Act 1972—

(a) in section 140(1) for “1981” substitute “ 1982 ” ;

(b) in paragraph (a) of section 140C(1) for “1981” substitute “ 1982 ”.

Marginal Citations

M14 1972 c. 70.

The Consumer Credit Act 1974 U.K.

14 In section 189(1) of the M15 Consumer Credit Act 1974 in the definition of “insurance company” for the words from “section 33(1)” to “1968” there shall be substituted the words “ section 96(1) of the Insurance Companies Act 1982 ”

Marginal Citations

M15 1974 c. 39.

The M16 Solicitors Act 1974 U.K.

Marginal Citations

M16 1974 c. 47.

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

(a) in the defniition of “authorised manner” for “1974” substitute “ 1982 ” ;

(b) in the definition of “liability insurance business” for “1981” substitute “ 1982 ” ;

(c) in the definition of “pecuniary loss insurance business” for “1981” substitute “ 1982 ”.

The M17 Policyholders Protection Act 1975 U.K.

Marginal Citations

M17 1975 c. 75.

16 In the Policyholders Protection Act 1975—

(a) in section 3(2) for “1981” substitute “ 1982 ” ;

(b) in subsections (1) and (3) of section 28 for the words from “1974” to “1981” there shall be substituted “ 1982 ” ;

(c) in section 29 for the words from “1974” to “1981” (in both places) there shall be substituted “ 1982 ” ;

(d) in section 32(2)(a) for “1974” substitute “ 1982 ” ;

(e) in paragraph 5(3) of Schedule 3 for the words “Sections 28(1)(b)(i) and 46(1)(b) of the M18 Insurance Companies Act 1974” there shall be substituted the words “ Sections 37(2)(b)(i) and 54(1)(b) of the Insurance Companies Act 1982 ” ;

(f) in paragraph 5(4) of Schedule 3 for the words “Sections 79 to 82 of the Insurance Companies Act 1974” there shall be substituted the words “ Sections 91 to 94 of the Insurance Companies Act 1982 ”.

Marginal Citations

M18 1974 c. 49.

F55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

17

Textual Amendments

F55 Sch. 5 para. 17 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 843, 844(4), Sch. 31

The Insurance Brokers (Registration) Act 1977 U.K.

18 In section 29(1) of the M19 Insurance Brokers (Registration) Act 1977 in the definition of “authorised insurers”—

(a) for “1974” substitute “ 1982 ” ;

(b) for “1981” substitute “ 1982 ”.

Marginal Citations

M19 1977 c. 46.

F56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

19

Textual Amendments

F56 Sch. 5 para. 19: the amendments to the Companies (Northern Ireland) Order 1978 repealed by S.I. 1986/1035 (N.I. 9), art. 24, Sch. 2

The M20 Credit Unions Act 1979 U.K.

Marginal Citations

M20 1979 c. 34.

20 In section 15(2)(d) of the Credit Unions Act 1979 for “1974” substitute “ 1982 ”.

F57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

21

Textual Amendments

F57 Sch. 5 para. 21 repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I

The M21 Industrial Assurance (Northern Ireland) Order 1979 U.K.

Marginal Citations

M21 S.I. 1979/1574 (N.I. 13).

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

(a) in Article 3(4) for the words “Acts 1974 and 1981” there shall be substituted the words “ Act of 1982 ” ; and the words “of 1981” (in each place) shall be omitted ;

F58 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) in Article 32(1)(b) for “1974” substitute “ 1982 ” ;

(d) in Article 40 for the words “Sections 42 and 43 of the M22 Insurance Companies Act 1974” there shall be substituted the words “ Sections 49 and 50 of the Insurance Companies Act 1982 ” ; and for “72(6)” substitute “ 82(5) ” ;

F58 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f) in paragraph 1 of Schedule 5 for the words “section 85(1) of the Insurance Companies Act 1974” there shall be substituted the words “ section 96(1) of the Insurance Companies Act 1982 ” ;

(g) in paragraph 6 of Schedule 5 for “1974” substitute “ 1982 ”.

Textual Amendments

F58 Sch. 5 para. 22(b)(e) repealed (8.11.1995) by 1995 c. 44, s. 1, Sch. 1 Pt. VI Group 2

Marginal Citations

M22 1974 c. 49.

The M23 Companies Act 1980 U.K.

Marginal Citations

M23 1980 c. 22.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F59 23

Textual Amendments

F59 Sch. 5 para. 23 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

F60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

24

Textual Amendments

F60 Sch. 5 para. 24 repealed by Finance Act 1984 (c. 43, SIF 63:1), s. 128(6), Sch. 23 Pt. V and by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 843, 844(4), Sch. 31

F61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

25

Textual Amendments

F61 Sch. 5 para. 25 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 843, 844(4), Sch. 31

The Companies Act 1981 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F62 26

Textual Amendments

F62 Sch. 5 para. 26 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V

The M24 Road Traffic (Northern Ireland) Order 1981 U.K.

Marginal Citations

M24 S.I. 1981/154 (N.I. 1).

27 In Article 101(1) of the Road Traffic (Northern Ireland) Order 1981 for “1981” (in both places) substitute “ 1982 ”.

28 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F63

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F64

Textual Amendments

F63 Sch. 5 para. 28(a) repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), ss. 274, 277, Schs. 7, 9

F64 Sch. 5 para. 28(b) repealed by Income and Corporation Taxes Act 1988 (c. 51, SIF 63:1), ss. 843, 844(4), Sch. 31

Section 99(3).

SCHEDULE 6 U.K. REPEALS

Modifications etc. (not altering text)

C7 Schedule 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Chapter	Short title	Extent of repeal
1974 c. 49.	The Insurance Companies Act 1974.	The whole Act, except sections 88(1)(6) and 90 and Schedule 1.
1975 c. 75.	The Policyholders Protection Act 1975.	Section 22(1).
1976 c. 69.	The Companies Act 1976.	In Schedule 2, the entries relating to sections 17(1) and 75(2) of the Insurance Companies Act 1974.
1980 c. 25.	The Insurance Companies Act 1980.	In section 1, paragraph (a) and, to the extent an Act therein mentioned is repealed by this Act, paragraph (b).
		Section 2.
		Schedule 1.
		In Schedule 4, paragraph 18.
1980 c. 43.	The Magistrates’ Courts Act 1980.	In Schedule 7, paragraph 18.
1981 c. 31.	The Insurance Companies Act 1981.	The whole Act, except sections 36(1), 38 and Part II of Schedule 4.
1981 c. 62.	The Companies Act 1981.	In Schedule 3, paragraph 35.
S.I. 1981/1657 (c. 44).	The Insurance Companies Act 1981 (Commencement) Order 1981.	In the Schedule, paragraphs 2-9, 11, 12, 14 and 15.