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Insurance Companies Act 1982 (repealed)
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Rhagor o Adnoddau
Changes over time for: Section 13
Version Superseded: 05/01/1998
Alternative versions:
- 01/02/1991- Amendment
- 01/07/1994- Amendment
- 23/12/1996
Point in time - 05/01/1998- Amendment
- Stop date 01/12/2001- Amendment
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Point in time view as at 23/12/1996. This version of this provision has been superseded.
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Insurance Companies Act 1982 (repealed), Section 13 is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[13 Final withdrawal of authorisation.U.K.
[F1(1)Where—
(a)a UK company ceases to carry on insurance business or insurance business of any class in the European Community; or
(b)an insurance company which is not a UK company ceases to carry on insurance business or insurance business of any class in the United Kingdom,
the Secretary of State may direct that it shall cease to be authorised under section 3 or 4 above to carry on insurance business or insurance business of that class.
F1(2)If—
(a)a body authorised under section 3 above to carry on insurance business of any class has not at any time carried on insurance business of that class, and at least twelve months have elapsed since the issue of the authorisation; or
(b)a body authorised under section 4 above to carry on insurance business of any class has not at any time since the commencement of this Act carried on business of that class,
the Secretary of State may direct that the body shall cease to be authorised to carry on business of that class.]
(2A)The Secretary of State may direct that an insurance company shall cease to be authorised to carry on business which is insurance business by virtue of section 95(c)(ii) of this Act if it appears to him that the company has failed to satisfy an obligation to which it is subject by virtue of the Financial Services Act 1986 or, if it is a member of a recognised self-regulating organisation within the meaning of that Act, an obligation to which it is subject by virtue of the rules of that organisation.
(2B)Subsections (3), (5) and (6) of section 11 and subsections (1) and (5) to (8) of section 12 above shall apply to a direction under subsection (2A) above as they apply to a direction under section 11.]
(3)A direction under this section is without prejudice to the subsequent issue of an authorisation to carry on insurance business of a class to which the direction relates.
Textual Amendments
F1S. 13(1)(2) substituted (1.7.1994) by S.I. 1994/1696, reg. 12
Modifications etc. (not altering text)
C1S. 13 amended (1.1.1993) by S.I. 1992/3218, reg. 64
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