(1)The functions of the Board under this Act shall be exercisable in relation to policyholders and others who have been or may be prejudiced in consequence of the inability of insurance companies to meet their liabilities under policies issued or securities given by them only in cases where the insurance companies in question are authorised insurance companies.
(2)An insurance company is an authorised insurance company for the purposes of this Act if it is [F1authorised under section 3 or 4 of the Insurance Companies Act][F21982]. . .
(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
to carry on insurance business of any class in [F4the United Kingdom]
Textual Amendments
F1Words substituted by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 4 Pt. II para. 25(2)
F2Word substituted by Insurance Companies Act 1982 (c. 50, SIF 67), s.99(2), Sch. 5 para. 16(a)
F3Word “or” immediately preceding para. (b) and para. (b) repealed by Insurance Companies Act 1980 (c. 25, SIF 67), s. 4(3), Sch. 5
F4Words substituted by Insurance Companies Act 1980 (c. 25, SIF 67), s 4(1), Sch. 3 para. 9
Modifications etc. (not altering text)
C1S. 3(2) extended (1.7.1994) by S.I. 1994/1696, reg. 68, Sch. 8 Pt. I para. 5(1)