Insurance Companies Act 1982

1. Introductory Text

2. PART I Restriction on Carrying on Insurance Business

   1. Preliminary

      1. 1. Classification

      2. 2. Restriction on carrying on insurance business

   2. Authorised insurance companies

      1. 3. Authorisation by Secretary of State

      2. 4. Existing insurance companies

   3. Applications for authorisation

      1. 5. Submission of proposals etc.

      2. 6. Combination of long term and general business

      3. 7. United Kingdom applicants

      4. 8. Applicants from other member States

      5. 9. Applicants from outside the Community

      6. 10. General representatives

   4. Withdrawal of authorisation

      1. 11. Withdrawal of authorisation in respect of new business

      2. 12. Notices of withdrawal under section 11

      3. 13. Final withdrawal of authorisation

   5. Offences

      1. 14. Offences under Part I

3. PART II Regulation of Insurance Companies

   1. Preliminary

      1. 15. Insurance companies to which Part II applies

      2. 16. Restriction of business to insurance

   2. Accounts and statements

      1. 17. Annual accounts and balance sheets

      2. 18. Periodic actuarial investigation of company with long term business

      3. 19. Appointment of actuary by company with long term business

      4. 20. Annual statements by company with prescribed class of insurance business

      5. 21. Audit of accounts

      6. 22. Deposit of accounts etc. with Secretary of State

      7. 23. Right of shareholders and policy holders to receive copies of deposited documents

      8. 24. Deposit of accounts etc. by registered society

      9. 25. Periodic statements by company with prescribed class of business

      10. 26. Statements of transactions of prescribed class or description

      11. 27. Companies from outside the Community

   3. Assets and liabilities attributable to long term business

      1. 28. Separation of assets and liabilities attributable to long term business

      2. 29. Application of assets of company with long term business

      3. 30. Allocations to policy holders

      4. 31. Restriction on transactions with connected persons

   4. Financial resources

      1. 32. Margins of solvency

      2. 33. Failure to maintain minimum margin

      3. 34. Companies supervised in other member States

      4. 35. Form and situation of assets

   5. Liabilities of unlimited amount

      1. 36. Avoidance of contracts for unlimited amounts

   6. Powers of intervention

      1. 37. Grounds on which powers are exercisable

      2. 38. Requirements about investments

      3. 39. Maintenance of assets in the United Kingdom

      4. 40. Custody of assets

      5. 41. Limitation of premium income

      6. 42. Actuarial investigations

      7. 43. Acceleration of information required by accounting provisions

      8. 44. Power to obtain information and require production of documents

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

      10. 46. Notice of proposed exercise of powers on ground of unfitness of certain persons

      11. 47. Rescission, variation and publication of requirements

      12. 48. Power of Secretary of State to bring civil proceedings on behalf of insurance company

   7. Transfers of long term business

      1. 49. Sanction of court for transfer of long term business

      2. 50. Provisions supplementary to section 49

   8. Transfers of general business

      1. 51. Approval of transfers of general business

      2. 52. Effect of approval under section 51

   9. Winding up

      1. 53. Winding up of insurance companies under Companies Acts

      2. 54. Winding up on petition of Secretary of State

      3. 55. Winding up of insurance companies with long term business

      4. 56. Continuation of long term business of insurance companies in liquidation

      5. 57. Subsidiary companies

      6. 58. Reduction of contracts as alternative to winding up

      7. 59. Winding up rules

   10. Changes of director, controller or manager etc.

       1. 60. Approval of proposed managing director or chief executive of insurance company

       2. 61. Approval of person proposing to become controller of insurance company where section 60 does not apply. 62 Duty to notify change of director, controller or manager

       3. 62. Duty to notify change of director, controller or manager.

       4. 63. Change of manager etc. of company from outside United Kingdom

       5. 64. Duty to notify change of main agent

   11. Miscellaneous

       1. 65. Documents deposited with Secretary of State.

       2. 66. Documents deposited in Northern Ireland.

       3. 67. Power to treat certain business as or as not being ordinary long-term insurance business.

       4. 68. Power to modify Part II in relation to particular companies

       5. 69. Power to alter insurance company's financial year

       6. 70. Service of notices

       7. 71. Offences under Part II

4. PART III Conduct of Insurance Business

   1. 72. Insurance advertisements

   2. 73. Misleading statements etc. inducing persons to enter into contracts of insurance

   3. 74. Intermediaries in insurance transactions

   4. 75. Statutory notice by insurer in relation to long term policy

   5. 76. Right to withdraw from transaction in respect of long term policy

   6. 77. Service of notice of cancellation

   7. 78. Linked long term policies

   8. 79. Scope of Prevention of Fraud (Investments) Acts

   9. 80. Capital redemption business

   10. 81. Penalties and offences under Part III

5. PART IV Special Classes of Insurers

   1. 82. Industrial assurance business

   2. 83. Requirements to be complied with by Lloyd's underwriters

   3. 84. Lloyd's underwriters-financial resources

   4. 85. Lloyd's underwriters-transfer of business

   5. 86. Statement of business by Committee of Lloyd's

   6. 87. Companies established outside the United Kingdom

   7. 88. Unregistered companies

   8. 89. Insurance companies formed before 1967 in contravention of section 434 of the Companies Act 1948

6. PART V Supplementary Provisions

   1. Valuation regulations

      1. 90. Power to make valuation regulations

   2. Criminal proceedings

      1. 91. Criminal liability of directors

      2. 92. Criminal proceedings against unincorporated bodies

      3. 93. Restriction on institution of prosecutions

      4. 94. Summary proceedings

   3. Interpretation

      1. 95. Insurance business

      2. 96. General interpretation

   4. Supplementary

      1. 97. Regulations and orders

      2. 98. Annual report by Secretary of State

      3. 99. Savings, transitionals, consequential amendments and repeals

      4. 100. Short title, commencement and extent

7. SCHEDULES

   1. SCHEDULE 1

      Classes of Long Term Business

   2. SCHEDULE 2

      General Business

      1. PART I Classes

      2. PART II Groups of Classes

   3. SCHEDULE 3

      Determination of Premium Limit

      1. 1. Subject to the following provisions of this Schedule, the premium...

      2. 2. If the accounts so deposited relate to a financial year...

      3. 3. If no accounts have been deposited under section 22 above...

   4. SCHEDULE 4

      Saving and Transitional Provisions

      1. Saving for requirements, directions and powers under the Companies Act 1967

         1. 1. The repeal by the Insurance Companies Amendment Act 1973 of...

      2. Periodic actuarial investigations under section 18 above in relation to any period of twelve months beginning before 1st October 1982

         1. 2. In relation to any period of twelve months beginning before...

      3. Adjustments of established surplus for purposes of section 30(1) above

         1. 3. For the purposes of section 30(1) of this Act, where...

      4. Margins of solvency

         1. 4. The requirements of sections 32 and 33 of this Act...

         2. 5. So long as paragraph 4 above applies to a company...

      5. Postponement of coming into force of section 36 above

         1. 6. If no regulations under section 27 of the Insurance Companies...

      6. Saving for schemes of operation submitted under Insurance Companies (Authorisation and Accounts: General Business) Regulations

         1. 7. For the purposes of section 37(2)(f) of this Act, a...

      7. Saving for requirements under section 29 of the Insurance Companies Act 1974

         1. 8. Where a requirement under section 29 of the Insurance Companies...

      8. Postponement of effect of sections 37(3) and 38(3) above in respect of long term business

         1. 9. Until 15th March 1984, sections 37(3) and 38(3) of this...

      9. Deposits made with Accountant General before 1st January 1982

         1. 10. A deposit made under regulation 6 of the Insurance Companies...

      10. Continuation of business where contract made before 1st January 1982

          1. 11. Where— (a) as a result of the repeal of section...

      11. Applications for approval of transfer made before 1st January 1982

          1. 12. Where an application to the Secretary of State under the...

      12. Saving for section 42 of the Insurance Companies Act 1974

          1. 13. Section 42 of the Insurance Companies Act 1974 shall continue...

      13. Postponement of effect of section 54(1)(c) of this Act in relation to unregistered companies

          1. 14. Until the coming into force of section 12 of the...

      14. Saving for winding up commenced before rules made under section 365 of the Companies Act 1948 or section 317 of the Companies Act (Northern Ireland) I960

          1. 15. The provisions of this Act, so far as re-enacting provisions...

      15. Saving for repeal of section 17(2) and (3) of, and Schedules 3 and 4 to, the Insurance Companies Act 1958

          1. 16. If no rules under section 51(2) of the Insurance Companies...

      16. Northern Ireland

          1. 17. Section 17(2)(a) of the Interpretation Act 1978 shall not apply...

          2. 18. Until Articles 3, 11, 13 and 25 of the Companies...

      17. Continuing offences

          1. 19. Where an offence for the continuance of which a penalty...

      18. Transitional provisions relating to sections 9(7), 71(3), 81(2) and 88(2) of this Act

          1. 20. Until the coming into force of paragraph (g) of subsection...

          2. 21. In relation to offences under this Act committed in England...

      19. General

          1. 22. Subject to paragraph 17 above and without prejudice to any...

          2. 23. Without prejudice to paragraph 22 above, any enactment or document...

          3. 24. Where a period of time specified in any enactment repealed...

   5. SCHEDULE 5

      Consequential Amendments

      1. The Companies Act 1948

         1. 1. In the Companies Act 1948— (a) in section 433(6) for...

      2. The Companies Act (Northern Ireland) 1960

         1. 2. In the Companies Act (Northern Ireland) 1960—

      3. The Building Societies Act 1968

         1. 3. In the Building Societies Act 1962— (a) in section 129(1),...

      4. The Housing Subsidies Act 1967

         1. 4. In section 32(1) of the Housing Subsidies Act 1967 for...

      5. The Building Societies Act (Northern Ireland) 1967

         1. 5. In section 128(1) of the Building Societies Act (Northern Ireland)...

      6. The Companies Act 1967

         1. 6. In the Companies Act 1967— (a) in section 89(1) for...

      7. The Children and Young Persons Act (Northern Ireland) 1968

         1. 7. In section 7 of the Children and Young Persons Act...

      8. The Employers' Liability (Compulsory Insurance) Act 1969

         1. 8. In section 1(3)(b) of the Employers' Liability (Compulsory Insurance) Act...

      9. The Fire Services Act (Northern Ireland) 1969

         1. 9. In section 24(3) of the Fire Services Act (Northern Ireland)...

      10. The Income and Corporation Taxes Act 1970

          1. 10. In the Income and Corporation Taxes Act 1970—

      11. The Employer's Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972

          1. 11. In Article 5(3)(b) of the Employer's Liability (Defective Equipment and...

      12. The Road Traffic Act 1972

          1. 12. In section 145(2) of the Road Traffic Act 1972 for...

      13. The Local Government Act 1972

          1. 13. In the Local Government Act 1972— (a) in section 140(1)...

      14. The Consumer Credit Act 1974

          1. 14. In section 189(1) of the Consumer Credit Act 1974 in...

      15. The Solicitors Act 1974

          1. 15. In section 87(1) of the Solicitors Act 1974—

      16. The Policyholders Protection Act 1975

          1. 16. In the Policyholders Protection Act 1975— (a) in section 3(2)...

      17. The Finance Act 1976

          1. 17. In paragraph 2A of Schedule 4 to the Finance Act...

      18. The Insurance Brokers (Registration) Act 1977

          1. 18. In section 29(1) of the Insurance Brokers (Registration) Act 1977...

      19. The Companies (Northern Ireland) Order 1978

          1. 19. In the Companies (Northern Ireland) Order 1978—

      20. The Credit Unions Act 1979

          1. 20. In section 15(2)(J) of the Credit Unions Act 1979 for...

      21. The Banking Act 1979

          1. 21. In paragraph 8 of Schedule 1 to the Banking Act...

      22. The Industrial Assurance (Northern Ireland) Order 1979

          1. 22. In the Industrial Assurance (Northern Ireland) Order 1979—

      23. The Companies Act 1980

          1. 23. In section 42(3) of the Companies Act 1980 for the...

      24. The Finance Act 1980

          1. 24. In section 30 of the Finance Act 1980 for the...

      25. The Finance Act 1981

          1. 25. In section 41(5) of the Finance Act 1981 for “1981...

      26. The Companies Act 1981

          1. 26. In the Companies Act 1981— (a) in section 5(5)(c) for...

      27. The Road Traffic (Northern Ireland) Order 1981

          1. 27. In Article 101(1) of the Road Traffic (Northern Ireland) Order...

      28. The Finance Act 1982

          1. 28. In the Finance Act 1982— (a) in section 103(3)(b) for...

   6. SCHEDULE 6

      Repeals