- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (05/04/2000)
- Gwreiddiol (Fel y'i Deddfwyd)
There are currently no known outstanding effects for the Policyholders Protection Act 1997 (repealed), Section 7.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Prospective
(1)Section 21 of the 1975 Act (power to impose levies) shall be amended as set out in subsections (2) to (9) below.
(2)In subsection (1) (general business levy), for the words from “authorised” to “United Kingdom” there shall be substituted “insurance companies to which this Act applies which are—
(a)carrying on general business in the United Kingdom, or
(b)providing general insurance in United Kingdom,”.
(3)In subsection (2) (long term business levy), for the words from “authorised” to “United Kingdom” there shall be substituted “insurance companies to which this Act applies which are—
(a)carrying on long term business in the United Kingdom, or
(b)providing long term insurance in United Kingdom,”.
(4)In subsection (3) (income by reference to which general business levy calculated)—
(a)for “net premium income” there shall be substituted “ relevant net premium income ”, and
(b)the words from “in respect of” to “relevant time” shall be omitted.
(5)After that subsection there shall be inserted—
“(3A)In the case of a company falling within subsection (1)(a) above which is authorised under section 3 or 4 of the M1Insurance Companies Act 1982, the reference in subsection (3) above to relevant net premium income is to the net premium income of the company in respect of—
(a)general policies which were United Kingdom policies at the relevant time,
(b)the insurance through an establishment in the Channel Islands or the Isle of Man, under general policies, of risks situated in the United Kingdom, the Channel Islands or the Isle of Man, and
(c)the insurance through an establishment in an EEA State other than the United Kingdom, under general policies, of risks situated in the United Kingdom.
(3B)In the case of a company falling within subsection (1)(a) above which is not authorised under section 3 or 4 of the Insurance Companies Act 1982, the reference in subsection (3) above to relevant net premium income is to the net premium income of the company in respect of—
(a)general policies which were United Kingdom policies at the relevant time, and
(b)the insurance through an establishment in an EEA State other than the United Kingdom, under general policies, of risks situated in the United Kingdom.
(3C)In the case of a company falling within subsection (1)(b) above, other than a company to which subsection (3A) or (3B) above applies, the reference in subsection (3) above to relevant net premium income is to the net premium income of the company in respect of the insurance through an establishment in an EEA State other than the United Kingdom, under general policies, of risks situated in the United Kingdom.”
(6)In subsection (4) (income by reference to which long term business levy calculated)—
(a)for “net premium income” there shall be substituted “ relevant net premium income ”, and
(b)the words from “in respect of” to “relevant time” shall be omitted.
(7)After that subsection there shall be inserted—
“(4A)In the case of a company falling within subsection (2)(a) above which is authorised under section 3 or 4 of the Insurance Companies Act 1982, the reference in subsection (4) above to relevant net premium income is to the net premium income of the company in respect of—
(a)long term policies effected after 31st December 1974 which were United Kingdom policies at the relevant time,
(b)the insurance through an establishment in the Channel Islands or the Isle of Man, under long term policies effected on or after the relevant day, of commitments situated in the United Kingdom, the Channel Islands or the Isle of Man, and
(c)the insurance through an establishment in an EEA State other than the United Kingdom, under long term policies effected on or after the relevant day, of commitments situated in the United Kingdom.
(4B)In the case of a company falling within subsection (2)(a) above which is not authorised under section 3 or 4 of the Insurance Companies Act 1982, the reference in subsection (4) above to relevant net premium income is to the net premium income of the company in respect of—
(a)long term policies effected after 31st December 1974 which were United Kingdom policies at the relevant time, and
(b)the insurance through an establishment in an EEA State other than the United Kingdom, under long term policies effected on or after the relevant day, of commitments situated in the United Kingdom.
(4C)In the case of a company falling within subsection (2)(b) above, other than a company to which subsection (4A) or (4B) above applies, the reference in subsection (4) above to relevant net premium income is to the net premium income of the company in respect of the insurance through an establishment in an EEA State other than United Kingdom, under long term policies effected on or after the relevant day, of commitments situated in the United Kingdom.”
(8)After subsection (7) there shall be inserted—
“(7A)In this section, references to the net premium income of a company for any year in respect of insurance of any description means the gross amounts recorded in the company’s accounts during that year as paid or due to the company by way of premiums in respect of insurance of that description, less any amounts deductible for that year in respect of insurance of that description in accordance with subsection (7B) below.
(7B)In calculating a company’s net premium income for any year in respect of insurance of any description, any rebates or refunds recorded in the company’s accounts during that year as allowed or given in respect of any amounts so recorded during that or any previous year as paid or due to the company by way of premiums in respect of insurance of that description shall be deductible.”
(9)After subsection (9) there shall be inserted—
“(9A)For the purposes of this section, a policy of insurance is a United Kingdom policy at any time when the performance by the insurer of any of his obligations under the contract evidenced by the policy would constitute the carrying on by the insurer of insurance business of any class in the United Kingdom.
(9B)In this section, “relevant day” means the day on which section 7 of the Policyholders Protection Act 1997 came into force.”
(10)In section 25(1) of the 1975 Act (application of surplus funds by the Board), for “authorised insurance companies carrying on business in the United Kingdom” there shall be substituted “ insurance companies to which this Act applies ”.
(11)In Schedule 3 to that Act (additional provisions with respect to levies), in paragraph 4, for “authorised insurance company”, in each place, there shall be substituted “ insurance company to which this Act applies ”.
(12)In that Schedule, at the end there shall be inserted—
“8A(1)The [F1Treasury] may by regulations made by statutory instrument—
(a)make provision for the purpose of securing, in relation to a company which at any time—
(i)is an insurance company to which this Act applies, and
(ii)does not have any business establishment or other fixed establishment in the United Kingdom,
that another person is the company’s levy representative at that time, and
(b)make provision with respect to the functions of a person who is a company’s levy representative under paragraph (a) above.
(2)Regulations under paragraph (b) of sub-paragraph (1) above may, in particular, impose on a person who is a company’s levy representative under paragraph (a) of that sub-paragraph obligations and liabilities relating to the company’s obligations and liabilities under this Schedule.
(3)Regulations under this paragraph may contain such supplementary, incidental and consequential provisions as the [F1Treasury][F2think] fit.
(4)In sub-paragraph (2) above, references to obligations include obligations enforceable under the criminal law and references to liabilities include criminal penalties.”
Textual Amendments
F1Words in s. 7 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. II para. 127 (with art. 7)
F2Word in s. 7 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. II para. 129 (with art. 7)
Marginal Citations
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys
Mae’r holl gynnwys ar gael dan Drwydded Llywodraeth Agored v3.0 ac eithrio ble nodir yn wahanol. Yn ychwanegol mae’r safle hwn â chynnwys sy’n deillio o EUR-Lex, a ailddefnyddiwyd dan delerau Penderfyniad y Comisiwn 2011/833/EU ar ailddefnyddio dogfennau o sefydliadau’r UE. Am ragor o wybodaeth gweler ddatganiad cyhoeddus Swyddfa Gyhoeddiadau’r UE ar ailddefnyddio.