General scope of the Board’s functions under this Act

3 Authorised insurance companies.

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.

C12

An insurance company is an authorised insurance company for the purposes of this Act if it is F2authorised under section 3 or 4 of the Insurance Companies ActF31982. . .

b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

to carry on insurance business of any class in F5the United Kingdom