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The Insurance Companies (Amendment) Regulations 1993

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Grounds for exercising supervisory powers

2.—(1) In the following provisions of the 1982 Act, namely–

(a)subsection (2)(aa) of section 11(1) (withdrawal of authorisation in respect of new business: grounds);

(b)subsection (2)(b)(ia) of section 37(2) (powers of intervention: grounds: failure to satisfy obligations);

(c)subsections (1)(bb) and (2)(bb) of section 54(3) (winding up on petition of Secretary of State under the Insolvency Act 1986 or corresponding Northern Ireland provisions); and

(d)section 83A(4) (Lloyd’s underwriters – insurance Directives),

for the words “general insurance Directives” substitute the words “general or long term insurance Directives”.

(1)

Section 11(2)(aa) was inserted by S.I. 1990/1333, reg. 8(1).

(2)

Section 37(2)(b)(ia) was inserted by S.I. 1990/1333, reg. 8(2).

(3)

Section 54 was amended by the Companies Consolidation (Consequential Provisions) Act 1985 (c. 9), Schedule 2, by the Companies Consolidation (Consequential Provisions) (Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I.9)), Schedule 1, by the Insolvency Act 1986 (c. 45), Schedule 14 and by S.I. 1990/1333, reg. 8(3).

(4)

Section 83A was inserted by S.I. 1992/2890, reg. 8.

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