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Insurance Companies Act 1982 (repealed)

Changes over time for: Section 45

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Insurance Companies Act 1982 (repealed), Section 45 is up to date with all changes known to be in force on or before 24 July 2024.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. Help about Changes to Legislation

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

[F1(1)The [F2Treasury] may require a company to take such action as appears to [F3the Treasury] to be appropriate—

(a)for the purpose of protecting policy holders or potential policy holders of the company against the risk that the company may be unable to meet its liabilities or, in the case of long term business, to fulfil the reasonable expectations of policy holders or potential policy holders; or

(b)in the case of a UK or non-EC company, for the purpose of ensuring that the criteria of sound and prudent management are fulfilled with respect to the company.]

(2)The power conferred by this section shall not be exercised in such a way as to restrict the company’s freedom to dispose of its assets except where it is exercised—

(a)after the [Treasury][F4have]given a direction under [F5section 11 or 12A above] or section 11 of the M1Insurance Companies Act 1981; or

(b)on the ground that it appears to the [F2Treasury] that the company has failed to satisfy an obligation to which it is or was subject by virtue of section 33, 34 or 35 above or section 26B, 26C or 26D of the M2Insurance Companies Act 1974; or

(c)where the ground for intervention arises out of the submission by the company to the [F2Treasury] of an account or statement specifying, as the amount of any liabilities of the company, an amount appearing to the [F2Treasury] to have been determined otherwise than in accordance with valuation regulations or, where no such regulations are applicable, generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for insurance companies [F6or.

F6(d)on the grounds that the company is a UK or non-EC company and it appears to the [F2Treasury] that the company has failed to satisfy an obligation to which it is or was subject by virtue of section 32 or 35A above.]

Textual Amendments

F1S. 45(1)(a)(b) substituted s. 45(1)(1.7.1994) by S.I. 1994/1696, reg. 25(1)

F5Words in s. 45(2)(a) substituted (1.7.1994) by S.I. 1994/1696, reg. 25(2)(a)

F6S. 45(2)(d) and preceeding word “or” inserted (1.7.1994) by S.I. 1994/1696, reg. 25(2)(b)

Modifications etc. (not altering text)

C2S. 45: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 32

Marginal Citations

Yn ôl i’r brig

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