http://www.legislation.gov.uk/ukpga/1982/50/part/III/2000-04-14Insurance Companies Act 1982 (repealed)An Act to consolidate the Insurance Companies Acts 1974 and 1981.1982-11-01texttext/xmlenStatute Law Database2024-05-172000-04-14 Part III Conduct of Insurance Business Insurance advertisements.721Regulations may be made as to the form and contents of insurance advertisements.2Regulations under this section may make different provision in relation to insurance advertisements of different classes or descriptions.3Subject to subsection (4) below, any person who issues an insurance advertisement which contravenes regulations under this section shall be guilty of an offence.4A person who in the ordinary course of his business issues an advertisement to the order of another person, being an advertisement the issue of which by that other person constitutes an offence under subsection (3) above, shall not himself be guilty of the offence if he proves that the matters contained in the advertisement were not (wholly or in part) devised or selected by him or by any person under his direction or control.5In this section “insurance advertisement” means an advertisement inviting persons to enter into or to offer to enter into contracts of insurance, and an advertisement which contains information calculated to lead directly or indirectly to persons entering into or offering to enter into such contracts shall be treated as an advertisement inviting them to do so.6In this section “advertisement” includes every form of advertising, whether in a publication or by the display of notices or by means of circulars or other documents or by an exhibition of photographers or cinematograph films or by way of sound broadcasting or television or by inclusion in any programme service (within the meaning of the Broadcasting Act 1990) other than a sound or television broadcasting service, and reference to the issue of an advertisement shall be construed accordingly.7For the purposes of this section an advertisement issued by any person on behalf of or to the order of another person shall be treated as an advertisement issued by that other person; and for the purposes of any proceedings under this section an advertisement inviting persons to enter into or to offer to enter into contracts with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued by that person.<Addition ChangeId="d30p25745" CommentaryRef="c1482955"> Information for policy holders of <Acronym Expansion="United Kingdom">UK</Acronym> insurers and <Acronym Expansion="European Community">EC</Acronym> companies.</Addition>72ASchedule 2E to this Act (which makes provision with respect to information for policy holders of UK insurers and EC companies) shall have effect.<Addition ChangeId="d30p25758" CommentaryRef="c1482956"> Information for policy holders of <Acronym Expansion="European Free Trade Area">EFTA</Acronym> companies.</Addition>72B1Subject to subsection (2) below, this section applies to a contract entered into by an EFTA company the effecting of which constitutes the provision of insurance in the United Kingdom.2This section does not apply to a contract entered into by an authorised person the effecting of which constitutes the carrying on in the United Kingdom of investment business; and in this subsection expressions which are also used in the Financial Services Act 1986 have the same meanings as in that Act.3Before entering into a contract to which this section applies, the company shall, unless the contract is for the coverage of large risks only, inform the other party to the contract of the EEA State in which is situated the establishment through which the risk or commitment is to be covered; and any document issued to that party by the company shall also contain that information.4If the information required by subsection (3) above is furnished otherwise than in writing before the time when the contract is entered into, there is a sufficient compliance with that subsection if it is also furnished in writing as soon as practicable after that time.5Any relevant document issued by an EFTA company in relation to a contract to which this section applies shall state—athe address of the establishment through which the risk or commitment is or is to be covered; andbwhere the insurance relates to relevant motor vehicle risks, the name and address of the claims representative.6In this section 'relevant document’, in relation to a contract to which this section applies, means any proposal, policy or other document which, or statements contained in which, will or may bind the other parties to the contract.7In this Act 'EFTA company’ means an insurance company—awhose head office is in an EFTA State;bwhich is authorised in accordance with Article 6 of the first general insurance Directive (as extended by the EEA Agreement) or Article 6 of the first long term insurance Directive (as so extended); andcwhose business in the United Kingdom is not restricted to reinsurance business.<CommentaryRef Ref="c1482957"/>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73 Intermediaries in insurance transactions.741Regulations may be made for requiring any person who—ainvites another person to make an offer or proposal or to take any other step with a view to entering into a contract of insurance with an insurance company; andbis connected with that company as provided in the regulations,to give the prescribed information with respect to his connection with the company to the person to whom the invitation is issued.2Regulations may be made for requiring any person who, in the course of carrying on any business or profession, issues any such invitation as is mentioned in subsection (1)(a) above in relation to an insurance company which is not an authorised insurer in respect of the contract in question to inform the person to whom the invitation is issued that the company is not such an insurer as aforesaid.In this subsection “authorised insurer”, in relation to a contract of any description, means a person entitled to carry on in the United Kingdom insurance business of a class comprising the effecting of contracts of that description or an EC or EFTA company entitled to provide in the United Kingdom insurance of such a class.3Any person who contravenes regulations under this section shall be guilty of an offence. Statutory notice by insurer in relation to long term policy.751Subject to subsections (5) and (5A) below, unless the requirements of subsection (1A) below are fulfilled—ano insurance company which is authorised under section 3 or 4 above, no EC company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the carrying on of long term business in the United Kingdom; andbno UK, EC or EFTA company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the provision of long term insurance in the United Kingdom.1AThe requirements of this subsection are that—athe company or member (“the insurer”) sends by post to the other party to the contract, at or before the time when it is entered into, a statutory notice in relation to the contract; orbin the case of an EC contract, a representative of the insurer gives such a notice to that party at that time.1BWhere, in the case of an EC contract, a statutory notice is sent to the other party to the contract before the time when it is entered into, the insurer shall, not later than 14 days after the contract has become binding, inform that party in writing that it has done so.2For the purposes of this section a statutory notice is a notice which—acontains such matters (and no others) and is in such form as may be prescribed for the purposes of this section and complies with such requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) as may be prescribed for securing that the notice is easily legible; andbhas annexed to it a form of notice of cancellation of the prescribed description for use under section 76 below.3The Treasury may, on the application of any insurer, alter the requirements of any regulations made for the purposes of subsection (2)(a) above so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract proposed to be entered into by that insurer.4Any insurer who contravenes this section shall be guilty of an offence but, without prejudice to section 76(2) below, no contract shall be invalidated by reason of the fact that the insurer has contravened this section in relation to that contract.athe insurer is a company whose head office is in a member State or a member of Lloyd’s; andbthe other party is habitually resident in the United Kingdom;and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.5Subsection (1) of this section does not apply to any non-EC contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business; and regulations may exempt from that subsection contracts of any other class or description.5ASubsection (1) of this section does not apply to a contract if the party other than the insurer is habitually resident in a member State other than the United Kingdom.5BFor the purposes of this section and section 76 below, “EC contract” means a contract to which subsection (1) above applies which fulfils the following conditions, namely—athe insurer is a UK, EC or EFTA company or a member of Lloyd’s;bthe other party is habitually resident in the United Kingdom;and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.5CIn the case of a contract involving two or more parties other than the insurer, this section and section 76 below shall have effect as if a separate contract were being or had been entered into by the insurer with each of those parties.6In sections 76 and 77 below “insurer” and “statutory notice” have the same meaning as in this section. Right to withdraw from transaction in respect of long term policy.761A person who has received a statutory notice in relation to an EC contract may, before the expiration of the fourteenth day after that on which he is informed in writing that the contract has become binding, serve a notice of cancellation on the insurer.1AA person who has received a statutory notice in relation to a non-EC contract may, before the expiration of—athe tenth day after that on which he received the notice, orbthe earliest day on which he knows both that the contract has been entered into and that the first or only premium has been paid,whichever is the later, serve a notice of cancellation on the insurer.2A person to whom an insurer ought to have, but has not, sent a statutory notice in relation to any such contract as aforesaid may serve a notice of cancellation on the insurer; but if the insurer sends him a statutory notice in relation to that contract before he has served a notice of cancellation under this subsection, then, without prejudice to his right to serve a notice of cancellation under subsection (1) or (1A) above, his right to do so under this subsection shall cease.3A notice of cancellation may, but need not, be in the form annexed to the statutory notice and shall have effect if, however expressed, it indicates the intention of the person serving it to withdraw from the transaction in relation to which the statutory notice was or ought to have been sent.4Where a person serves a notice of cancellation, then—aif at the time when the notice is served the contract has been entered into, the notice shall operate so as to rescind the contract;bin any other case, the service of the notice shall operate as a withdrawal of any offer to enter into the contract which is contained in, or implied by, any proposal made to the insurer by the person serving the notice of cancellation and as notice to the insurer that any such offer is withdrawn.5Where a notice of cancellation operates to rescind a contract or as the withdrawal of an offer to enter into a contract—aany sum which the person serving the notice has paid in connection with the contract (whether by way of premium or otherwise and whether to the insurer or to a person who is the agent of the insurer for the purpose of receiving that sum) shall be recoverable from the insurer by the person serving the notice;bany sum which the insurer has paid under the contract shall be recoverable by him from the person serving the notice.6Any sum recoverable under subsection (5) above shall be recoverable as a simple contract debt in any court of competent jurisdiction. Service of notice of cancellation.771For the purposes of section 76 above a notice of cancellation—ashall be deemed to be served on the insurer if it is sent by post addressed to any person specified in the statutory notice as a person to whom a notice of cancellation may be sent, and is addressed to that person at an address so specified; andbwhere paragraph (a) above applies, shall be deemed to be served on the insurer at the time when it is posted.2Subsection (1) above shall have effect without prejudice to the service of a notice of cancellation (whether by post or otherwise) in any way in which the notice could be served apart from that subsection, whether the notice is served on the insurer or on a person who is the agent of the insurer for the purpose of receiving such a notice.3A notice of cancellation which is sent by post to a person at his proper address, otherwise than in accordance with subsection (1) above, shall be deemed to be served on him at the time when it is posted.4So much of section 7 of the Interpretation Act 1978 as relates to the time when service is deemed to have been effected shall not apply to a notice of cancellation. Linked long term policies.781Regulations may be made, as respects the matters specified in subsection (2) below, in relation to contracts the effecting of which constitutes the carrying on of ordinary long-term insurance business and which—aare entered into by insurance companies to which Part II of this Act applies ,by EC companies or by members of Lloyd’s; andbare contracts under which the benefits payable to the policy holder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).2Regulations under this section may make provision for—arestricting the descriptions of property or the indices of the value of property by reference to which benefits under the contracts may be determined;aarestricting the proportion of those benefits which may be determined by reference to property of a specified description or a specified index;bregulating the manner in which and the frequency with which property of any description is to be valued for the purpose of determining such benefits and the times at which reference is to be made for that purpose to any index of the value of property;crequiring insurers under the contracts to appoint valuers for carrying out valuations of property of any description for the purpose of determining such benefits (being valuers who comply with the prescribed requirements as to qualifications and independence from the insurer) and to furnish the Treasury with the prescribed information in relation to such appointments;drequiring insurers under the contracts to furnish, in such manner and at such times or intervals as may be prescribed, such information relating to the value of the benefits under the contracts as may be prescribed, whether by sending notices to policy holders, depositing statements with the Treasury or the registrar of companies or the registrar of companies in Northern Ireland or with both such registrars, publication in the press or otherwise;erequiring insurers under the contracts to furnish to the Treasury, in such manner and at such times or intervals as may be prescribed, such information certified in such manner as may be prescribed with respect to so much of their business as is concerned with the contracts or with any class or description of the contracts, and enabling the Treasury to publish such information in such ways as they think appropriate.3Regulations made for the purposes of subsection (2)(d) above may, in relation to notices required to be sent to policy holders, impose requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) for securing that such notices are easily legible.4The Treasury may, on the application of any insurer, alter the requirements of any regulations under this section so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract entered into or proposed to be entered into by that insurer.5Regulations under this section may, to such extent as may be specified therein, apply in relation to contracts entered into before the coming into operation of the regulations, including contracts entered into before the passing of this Act.6Regulations under this section shall not apply in relation to any contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business or to any contract entered into by an insurance company to which Part II of this Act applies by reason only that the policy holder is eligible to participate in any established surplus as defined in section 30(4) above.<CommentaryRef Ref="c1483000"/>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 Capital redemption business.80Where an insurance company to which Part II of this Act applies carries on capital redemption business in the case of which the premiums in return for which a contract is effected are payable at intervals of less than six months, the company shall not give the holder of any policy issued after 2nd December 1909 any advantage dependent on lot or chance.This section shall not be construed as in any way prejudicing any question as to the application to any such transaction, whether in respect of a policy issued before, on or after that date, of the law relating to lotteries. Penalties and offences under Part III.811Any person guilty of an offence under section 72, 73 or 74 above shall be liable—aon conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both;bon summary conviction—iin England and Wales , to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of section 32 of the Magistrates’ Courts Act 1980;iiin Scotland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of section 225(8)of the Criminal Procedure (Scotland) Act 1995,iiiin Northern Ireland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of Article 4 of the Fines and Penalties (Northern Ireland) Order 1984.2Any person who makes default in complying with, or with a requirement imposed under, any other provision of this Part of this Act shall be guilty of an offence and liable, on summary conviction in England and Wales and Scotland to a fine not exceeding level 5 on the standard scale and, on summary conviction in Northern Ireland to a fine not exceeding £400.Part III Conduct of Insurance Business Insurance advertisements.721Regulations may be made as to the form and contents of insurance advertisements.2Regulations under this section may make different provision in relation to insurance advertisements of different classes or descriptions.3Subject to subsection (4) below, any person who issues an insurance advertisement which contravenes regulations under this section shall be guilty of an offence.4A person who in the ordinary course of his business issues an advertisement to the order of another person, being an advertisement the issue of which by that other person constitutes an offence under subsection (3) above, shall not himself be guilty of the offence if he proves that the matters contained in the advertisement were not (wholly or in part) devised or selected by him or by any person under his direction or control.5In this section “insurance advertisement” means an advertisement inviting persons to enter into or to offer to enter into contracts of insurance, and an advertisement which contains information calculated to lead directly or indirectly to persons entering into or offering to enter into such contracts shall be treated as an advertisement inviting them to do so.6In this section “advertisement” includes every form of advertising, whether in a publication or by the display of notices or by means of circulars or other documents or by an exhibition of photographers or cinematograph films or by way of sound broadcasting or television or by inclusion in any programme service (within the meaning of the Broadcasting Act 1990) other than a sound or television broadcasting service, and reference to the issue of an advertisement shall be construed accordingly.7For the purposes of this section an advertisement issued by any person on behalf of or to the order of another person shall be treated as an advertisement issued by that other person; and for the purposes of any proceedings under this section an advertisement inviting persons to enter into or to offer to enter into contracts with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued by that person.<CommentaryRef Ref="c1482957"/>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73 Intermediaries in insurance transactions.741Regulations may be made for requiring any person who—ainvites another person to make an offer or proposal or to take any other step with a view to entering into a contract of insurance with an insurance company; andbis connected with that company as provided in the regulations,to give the prescribed information with respect to his connection with the company to the person to whom the invitation is issued.2Regulations may be made for requiring any person who, in the course of carrying on any business or profession, issues any such invitation as is mentioned in subsection (1)(a) above in relation to an insurance company which is not an authorised insurer in respect of the contract in question to inform the person to whom the invitation is issued that the company is not such an insurer as aforesaid.In this subsection “authorised insurer”, in relation to a contract of any description, means a person entitled to carry on in the United Kingdom insurance business of a class comprising the effecting of contracts of that description or an EC or EFTA company entitled to provide in the United Kingdom insurance of such a class.3Any person who contravenes regulations under this section shall be guilty of an offence. Statutory notice by insurer in relation to long term policy.751Subject to subsections (5) and (5A) below, unless the requirements of subsection (1A) below are fulfilled—ano insurance company which is authorised under section 3 or 4 above, no EC company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the carrying on of long term business in the United Kingdom; andbno UK, EC or EFTA company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the provision of long term insurance in the United Kingdom.1AThe requirements of this subsection are that—athe company or member (“the insurer”) sends by post to the other party to the contract, at or before the time when it is entered into, a statutory notice in relation to the contract; orbin the case of an EC contract, a representative of the insurer gives such a notice to that party at that time.1BWhere, in the case of an EC contract, a statutory notice is sent to the other party to the contract before the time when it is entered into, the insurer shall, not later than 14 days after the contract has become binding, inform that party in writing that it has done so.2For the purposes of this section a statutory notice is a notice which—acontains such matters (and no others) and is in such form as may be prescribed for the purposes of this section and complies with such requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) as may be prescribed for securing that the notice is easily legible; andbhas annexed to it a form of notice of cancellation of the prescribed description for use under section 76 below.3The Treasury may, on the application of any insurer, alter the requirements of any regulations made for the purposes of subsection (2)(a) above so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract proposed to be entered into by that insurer.4Any insurer who contravenes this section shall be guilty of an offence but, without prejudice to section 76(2) below, no contract shall be invalidated by reason of the fact that the insurer has contravened this section in relation to that contract.athe insurer is a company whose head office is in a member State or a member of Lloyd’s; andbthe other party is habitually resident in the United Kingdom;and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.5Subsection (1) of this section does not apply to any non-EC contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business; and regulations may exempt from that subsection contracts of any other class or description.5ASubsection (1) of this section does not apply to a contract if the party other than the insurer is habitually resident in a member State other than the United Kingdom.5BFor the purposes of this section and section 76 below, “EC contract” means a contract to which subsection (1) above applies which fulfils the following conditions, namely—athe insurer is a UK, EC or EFTA company or a member of Lloyd’s;bthe other party is habitually resident in the United Kingdom;and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.5CIn the case of a contract involving two or more parties other than the insurer, this section and section 76 below shall have effect as if a separate contract were being or had been entered into by the insurer with each of those parties.6In sections 76 and 77 below “insurer” and “statutory notice” have the same meaning as in this section. Right to withdraw from transaction in respect of long term policy.761A person who has received a statutory notice in relation to an EC contract may, before the expiration of the fourteenth day after that on which he is informed in writing that the contract has become binding, serve a notice of cancellation on the insurer.1AA person who has received a statutory notice in relation to a non-EC contract may, before the expiration of—athe tenth day after that on which he received the notice, orbthe earliest day on which he knows both that the contract has been entered into and that the first or only premium has been paid,whichever is the later, serve a notice of cancellation on the insurer.2A person to whom an insurer ought to have, but has not, sent a statutory notice in relation to any such contract as aforesaid may serve a notice of cancellation on the insurer; but if the insurer sends him a statutory notice in relation to that contract before he has served a notice of cancellation under this subsection, then, without prejudice to his right to serve a notice of cancellation under subsection (1) or (1A) above, his right to do so under this subsection shall cease.3A notice of cancellation may, but need not, be in the form annexed to the statutory notice and shall have effect if, however expressed, it indicates the intention of the person serving it to withdraw from the transaction in relation to which the statutory notice was or ought to have been sent.4Where a person serves a notice of cancellation, then—aif at the time when the notice is served the contract has been entered into, the notice shall operate so as to rescind the contract;bin any other case, the service of the notice shall operate as a withdrawal of any offer to enter into the contract which is contained in, or implied by, any proposal made to the insurer by the person serving the notice of cancellation and as notice to the insurer that any such offer is withdrawn.5Where a notice of cancellation operates to rescind a contract or as the withdrawal of an offer to enter into a contract—aany sum which the person serving the notice has paid in connection with the contract (whether by way of premium or otherwise and whether to the insurer or to a person who is the agent of the insurer for the purpose of receiving that sum) shall be recoverable from the insurer by the person serving the notice;bany sum which the insurer has paid under the contract shall be recoverable by him from the person serving the notice.6Any sum recoverable under subsection (5) above shall be recoverable as a simple contract debt in any court of competent jurisdiction. Service of notice of cancellation.771For the purposes of section 76 above a notice of cancellation—ashall be deemed to be served on the insurer if it is sent by post addressed to any person specified in the statutory notice as a person to whom a notice of cancellation may be sent, and is addressed to that person at an address so specified; andbwhere paragraph (a) above applies, shall be deemed to be served on the insurer at the time when it is posted.2Subsection (1) above shall have effect without prejudice to the service of a notice of cancellation (whether by post or otherwise) in any way in which the notice could be served apart from that subsection, whether the notice is served on the insurer or on a person who is the agent of the insurer for the purpose of receiving such a notice.3A notice of cancellation which is sent by post to a person at his proper address, otherwise than in accordance with subsection (1) above, shall be deemed to be served on him at the time when it is posted.4So much of section 7 of the Interpretation Act 1978 as relates to the time when service is deemed to have been effected shall not apply to a notice of cancellation. Linked long term policies.781Regulations may be made, as respects the matters specified in subsection (2) below, in relation to contracts the effecting of which constitutes the carrying on of ordinary long-term insurance business and which—aare entered into by insurance companies to which Part II of this Act applies ,by EC companies or by members of Lloyd’s; andbare contracts under which the benefits payable to the policy holder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).2Regulations under this section may make provision for—arestricting the descriptions of property or the indices of the value of property by reference to which benefits under the contracts may be determined;aarestricting the proportion of those benefits which may be determined by reference to property of a specified description or a specified index;bregulating the manner in which and the frequency with which property of any description is to be valued for the purpose of determining such benefits and the times at which reference is to be made for that purpose to any index of the value of property;crequiring insurers under the contracts to appoint valuers for carrying out valuations of property of any description for the purpose of determining such benefits (being valuers who comply with the prescribed requirements as to qualifications and independence from the insurer) and to furnish the Treasury with the prescribed information in relation to such appointments;drequiring insurers under the contracts to furnish, in such manner and at such times or intervals as may be prescribed, such information relating to the value of the benefits under the contracts as may be prescribed, whether by sending notices to policy holders, depositing statements with the Treasury or the registrar of companies or the registrar of companies in Northern Ireland or with both such registrars, publication in the press or otherwise;erequiring insurers under the contracts to furnish to the Treasury, in such manner and at such times or intervals as may be prescribed, such information certified in such manner as may be prescribed with respect to so much of their business as is concerned with the contracts or with any class or description of the contracts, and enabling the Treasury to publish such information in such ways as they think appropriate.3Regulations made for the purposes of subsection (2)(d) above may, in relation to notices required to be sent to policy holders, impose requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) for securing that such notices are easily legible.4The Treasury may, on the application of any insurer, alter the requirements of any regulations under this section so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract entered into or proposed to be entered into by that insurer.5Regulations under this section may, to such extent as may be specified therein, apply in relation to contracts entered into before the coming into operation of the regulations, including contracts entered into before the passing of this Act.6Regulations under this section shall not apply in relation to any contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business or to any contract entered into by an insurance company to which Part II of this Act applies by reason only that the policy holder is eligible to participate in any established surplus as defined in section 30(4) above.<CommentaryRef Ref="c1483000"/>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 Capital redemption business.80Where an insurance company to which Part II of this Act applies carries on capital redemption business in the case of which the premiums in return for which a contract is effected are payable at intervals of less than six months, the company shall not give the holder of any policy issued after 2nd December 1909 any advantage dependent on lot or chance.This section shall not be construed as in any way prejudicing any question as to the application to any such transaction, whether in respect of a policy issued before, on or after that date, of the law relating to lotteries. Penalties and offences under Part III.811Any person guilty of an offence under section 72, 73 or 74 above shall be liable—aon conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both;bon summary conviction—iin England and Wales , to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of section 32 of the Magistrates’ Courts Act 1980;iiin Scotland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of section 225(8)of the Criminal Procedure (Scotland) Act 1995,iiiin Northern Ireland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of Article 4 of the Fines and Penalties (Northern Ireland) Order 1984.2Any person who makes default in complying with, or with a requirement imposed under, any other provision of this Part of this Act shall be guilty of an offence and liable, on summary conviction in England and Wales and Scotland to a fine not exceeding level 5 on the standard scale and, on summary conviction in Northern Ireland to a fine not exceeding £400.Words substituted by Broadcasting Act 1990 (c. 42, SIF 96), ss. 4(6), 87(6), 203(1), Sch. 20 para. 34 for words inserted by Cable and Broadcasting Act 1984 (c. 46, SIF 96), s. 57(1), Sch. 5 para. 43S. 73 repealed by Financial Services Act 1986 (c. 60, SIF 69), s. 212(3), Sch. 17 Pt. IS. 74 restricted by Financial Services Act 1986 (c.60, SIF 69), s. 129, Sch. 10 para. 5(2)Words in s. 74(2) inserted (1.7.1994) by S.I. 1994/1696, reg. 42Ss. 75–77 restricted by Financial Services Act 1986 (c. 60, SIF 69), s. 129, Sch. 10 para. 5(3)(4)S. 75(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 9(1)S. 75(3): power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 49Words in s. 75(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 43(g) (with art. 7)Words in s. 75(5) inserted (20.5.1993) by S.I. 1993/1327, reg. 2(2)S. 75(5A)(5B)(5C) inserted (20.5.1993) by S.I. 1993/1327, reg. 2(3)S. 75(5B)(a) substituted (1.7.1994) by S.I. 1994/1696, reg. 9(2)Ss. 75–77 restricted by Financial Services Act 1986 (c. 60, SIF 69), s. 129, Sch. 10 para. 5(3)(4)s. 76(1)(1A) subsituted for s. 76(1)(1A) (20.5.1993) by S.I. 1993/1327, reg. 2(4)Words in s. 76(2) substituted (20.5.1993) by S.I. 1993/1327, reg. 2(5)Ss. 75-77 restricted by Financial Services Act 1986 (c. 60, SIF 69), s. 129, Sch. 10 para 5(3)(4)1978 c. 30. Words in s. 78(1)(a) inserted (1.7.1994) by S.I. 1994/1696, reg. 44S. 78(2)(aa) inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 137Words in s. 78 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 44(a) (with art. 7)Words in s. 78(2)(e) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 44(b) (with art. 7)S. 78(4): power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 50S. 79 repealed by Financial Services Act 1986 (c. 60, SIF 69), s. 212(3), Sch. 17 Pt. IWords repealed by S.I. 1984/703 (N.I. 3), art. 19(1)(2), Sch. 6 para. 32(a), Sch. 71980 c. 43 Words in s. 81(1)(b)(ii) substituted (1.4.1996) by 1995 c. 40, ss. 5, 7(2), Sch. 4 para. 45(4)(with Sch. 3)S. 81(1)(b)(iii) substituted for words after sub-paragraph (ii) by S.I. 1984/703 (N.I. 3), art. 19(1), Sch. 6 para. 32(b)S. 72A inserted (1.7.1994) by S.I. 1994/1696, reg. 40(1)S. 72B inserted (1.7.1994) by S.I. 1994/1696, reg. 41
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<dc:title>Insurance Companies Act 1982 (repealed)</dc:title>
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<dc:date>1982-11-01</dc:date>
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<ukm:AffectedTitle>Insurance Companies Act 1982 (repealed)</ukm:AffectedTitle>
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<Number>Part III</Number>
<Title> Conduct of Insurance Business</Title>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Insurance advertisements.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72" id="section-72">
<Pnumber>72</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/1" id="section-72-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may be made as to the form and contents of insurance advertisements.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/2" id="section-72-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations under this section may make different provision in relation to insurance advertisements of different classes or descriptions.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/3" id="section-72-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Subject to subsection (4) below, any person who issues an insurance advertisement which contravenes regulations under this section shall be guilty of an offence.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/4" id="section-72-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>A person who in the ordinary course of his business issues an advertisement to the order of another person, being an advertisement the issue of which by that other person constitutes an offence under subsection (3) above, shall not himself be guilty of the offence if he proves that the matters contained in the advertisement were not (wholly or in part) devised or selected by him or by any person under his direction or control.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/5" id="section-72-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-insurance-advertisement">insurance advertisement</Term>
” means an advertisement inviting persons to enter into or to offer to enter into contracts of insurance, and an advertisement which contains information calculated to lead directly or indirectly to persons entering into or offering to enter into such contracts shall be treated as an advertisement inviting them to do so.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/6" id="section-72-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-advertisement">advertisement</Term>
” includes every form of advertising, whether in a publication or by the display of notices or by means of circulars or other documents or by an exhibition of photographers or cinematograph films or by way of sound broadcasting or television
<Addition ChangeId="d30p24190" CommentaryRef="c1482954">or by inclusion in any programme service (within the meaning of the Broadcasting Act 1990) other than a sound or television broadcasting service</Addition>
, and reference to the issue of an advertisement shall be construed accordingly.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/7/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/7" id="section-72-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>For the purposes of this section an advertisement issued by any person on behalf of or to the order of another person shall be treated as an advertisement issued by that other person; and for the purposes of any proceedings under this section an advertisement inviting persons to enter into or to offer to enter into contracts with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued by that person.</Text>
</P2para>
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<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-07-01" RestrictEndDate="2001-12-01">
<Title>
<Addition ChangeId="d30p25745" CommentaryRef="c1482955">
Information for policy holders of
<Acronym Expansion="United Kingdom">UK</Acronym>
insurers and
<Acronym Expansion="European Community">EC</Acronym>
companies.
</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72A" id="section-72A">
<Pnumber>
<Addition ChangeId="d30p25745" CommentaryRef="c1482955">72A</Addition>
</Pnumber>
<P1para>
<Text>
<Addition ChangeId="d30p25745" CommentaryRef="c1482955">Schedule 2E to this Act (which makes provision with respect to information for policy holders of UK insurers and EC companies) shall have effect.</Addition>
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-07-01" RestrictEndDate="2001-12-01">
<Title>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">
Information for policy holders of
<Acronym Expansion="European Free Trade Area">EFTA</Acronym>
companies.
</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B" id="section-72B">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">72B</Addition>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/1" id="section-72B-1">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">1</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">Subject to subsection (2) below, this section applies to a contract entered into by an EFTA company the effecting of which constitutes the provision of insurance in the United Kingdom.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/2" id="section-72B-2">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">2</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">This section does not apply to a contract entered into by an authorised person the effecting of which constitutes the carrying on in the United Kingdom of investment business; and in this subsection expressions which are also used in the Financial Services Act 1986 have the same meanings as in that Act.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/3" id="section-72B-3">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">3</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">
Before entering into a contract to which this section applies, the company shall, unless the contract is for the coverage of large risks only, inform the other party to the contract of the
<Acronym Expansion="European Economic Area">EEA</Acronym>
State in which is situated the establishment through which the risk or commitment is to be covered; and any document issued to that party by the company shall also contain that information.
</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/4" id="section-72B-4">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">4</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">If the information required by subsection (3) above is furnished otherwise than in writing before the time when the contract is entered into, there is a sufficient compliance with that subsection if it is also furnished in writing as soon as practicable after that time.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/5" id="section-72B-5">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">5</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">Any relevant document issued by an EFTA company in relation to a contract to which this section applies shall state—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/5/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/5/a" id="section-72B-5-a">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">the address of the establishment through which the risk or commitment is or is to be covered; and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/5/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/5/b" id="section-72B-5-b">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">where the insurance relates to relevant motor vehicle risks, the name and address of the claims representative.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/6" id="section-72B-6">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">6</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">In this section 'relevant document’, in relation to a contract to which this section applies, means any proposal, policy or other document which, or statements contained in which, will or may bind the other parties to the contract.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/7/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/7" id="section-72B-7">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">7</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">In this Act 'EFTA company’ means an insurance company—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/7/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/7/a" id="section-72B-7-a">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">whose head office is in an EFTA State;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/7/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/7/b" id="section-72B-7-b">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">which is authorised in accordance with Article 6 of the first general insurance Directive (as extended by the EEA Agreement) or Article 6 of the first long term insurance Directive (as so extended); and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72B/7/c/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B/7/c" id="section-72B-7-c">
<Pnumber>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">c</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25758" CommentaryRef="c1482956">whose business in the United Kingdom is not restricted to reinsurance business.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title>
<CommentaryRef Ref="c1482957"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/73/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/73" id="section-73">
<Pnumber>73</Pnumber>
<P1para>
<Text/>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-07-01" RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Intermediaries in insurance transactions.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74" id="section-74">
<Pnumber>
<CommentaryRef Ref="c1482959"/>
74
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/1" id="section-74-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may be made for requiring any person who—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/1/a" id="section-74-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>invites another person to make an offer or proposal or to take any other step with a view to entering into a contract of insurance with an insurance company; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/1/b" id="section-74-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>is connected with that company as provided in the regulations,</Text>
</P3para>
</P3>
<Text>to give the prescribed information with respect to his connection with the company to the person to whom the invitation is issued.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/2" id="section-74-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations may be made for requiring any person who, in the course of carrying on any business or profession, issues any such invitation as is mentioned in subsection (1)(a) above in relation to an insurance company which is not an authorised insurer in respect of the contract in question to inform the person to whom the invitation is issued that the company is not such an insurer as aforesaid.</Text>
</P2para>
<P2para>
<Text>
In this subsection “
<Term id="term-authorised-insurer">authorised insurer</Term>
”, in relation to a contract of any description, means a person entitled to carry on in the United Kingdom insurance business of a class comprising the effecting of contracts of that description
<Addition ChangeId="d30p24301" CommentaryRef="c1482960">or an EC or EFTA company entitled to provide in the United Kingdom insurance of such a class</Addition>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/3" id="section-74-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Any person who contravenes regulations under this section shall be guilty of an offence.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Statutory notice by insurer in relation to long term policy.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75" id="section-75">
<Pnumber>
<CommentaryRef Ref="c1482976"/>
75
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1" id="section-75-1">
<Pnumber>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">1</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">Subject to subsections (5) and (5A) below, unless the requirements of subsection (1A) below are fulfilled—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1/a" id="section-75-1-a">
<Pnumber>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">no insurance company which is authorised under section 3 or 4 above, no EC company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the carrying on of long term business in the United Kingdom; and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1/b" id="section-75-1-b">
<Pnumber>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">no UK, EC or EFTA company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the provision of long term insurance in the United Kingdom.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1A" id="section-75-1A">
<Pnumber>1A</Pnumber>
<P2para>
<Text>The requirements of this subsection are that—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1A/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1A/a" id="section-75-1A-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the company or member (“the insurer”) sends by post to the other party to the contract, at or before the time when it is entered into, a statutory notice in relation to the contract; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1A/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1A/b" id="section-75-1A-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in the case of an EC contract, a representative of the insurer gives such a notice to that party at that time.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1B/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1B" id="section-75-1B">
<Pnumber>1B</Pnumber>
<P2para>
<Text>Where, in the case of an EC contract, a statutory notice is sent to the other party to the contract before the time when it is entered into, the insurer shall, not later than 14 days after the contract has become binding, inform that party in writing that it has done so.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/2" id="section-75-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For the purposes of this section a statutory notice is a notice which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/2/a" id="section-75-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>contains such matters (and no others) and is in such form as may be prescribed for the purposes of this section and complies with such requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) as may be prescribed for securing that the notice is easily legible; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/2/b" id="section-75-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>has annexed to it a form of notice of cancellation of the prescribed description for use under section 76 below.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/3" id="section-75-3">
<Pnumber>
<CommentaryRef Ref="c1482978"/>
3
</Pnumber>
<P2para>
<Text>
The
<Addition ChangeId="d30p24946" CommentaryRef="c1482979">Treasury</Addition>
may, on the application of any insurer, alter the requirements of any regulations made for the purposes of subsection (2)(a) above so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract proposed to be entered into by that insurer.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/4" id="section-75-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Any insurer who contravenes this section shall be guilty of an offence but, without prejudice to section 76(2) below, no contract shall be invalidated by reason of the fact that the insurer has contravened this section in relation to that contract.</Text>
</P2para>
</P2>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/a" id="section-75-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the insurer is a company whose head office is in a member State or a member of Lloyd’s; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/b" id="section-75-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the other party is habitually resident in the United Kingdom;</Text>
</P3para>
</P3>
<Text>and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.</Text>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5" id="section-75-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
Subsection (1) of this section does not apply to
<Addition ChangeId="d30p24977" CommentaryRef="c1482980">any non-EC contract</Addition>
the effecting of which by the insurer constitutes the carrying on of industrial assurance business; and regulations may exempt from that subsection contracts of any other class or description.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5A" id="section-75-5A">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">5A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">Subsection (1) of this section does not apply to a contract if the party other than the insurer is habitually resident in a member State other than the United Kingdom.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5B/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B" id="section-75-5B">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">5B</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">For the purposes of this section and section 76 below, “EC contract” means a contract to which subsection (1) above applies which fulfils the following conditions, namely—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5B/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B/a" id="section-75-5B-a">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">
<Addition ChangeId="d30p24994" CommentaryRef="c1482982">a</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">
<Addition ChangeId="d30p24994" CommentaryRef="c1482982">the insurer is a UK, EC or EFTA company or a member of Lloyd’s;</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5B/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B/b" id="section-75-5B-b">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">the other party is habitually resident in the United Kingdom;</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5C/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5C" id="section-75-5C">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">5C</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">In the case of a contract involving two or more parties other than the insurer, this section and section 76 below shall have effect as if a separate contract were being or had been entered into by the insurer with each of those parties.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/6" id="section-75-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In sections 76 and 77 below “
<Term id="term-insurer">insurer</Term>
” and “
<Term id="term-statutory-notice">statutory notice</Term>
” have the same meaning as in this section.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1993-05-20" RestrictEndDate="2001-12-01">
<Title> Right to withdraw from transaction in respect of long term policy.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76" id="section-76">
<Pnumber>
<CommentaryRef Ref="c1482984"/>
76
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1" id="section-76-1">
<Pnumber>
<Addition ChangeId="d30p25123">
<CommentaryRef Ref="c1482985"/>
1
</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25123">A person who has received a statutory notice in relation to an EC contract may, before the expiration of the fourteenth day after that on which he is informed in writing that the contract has become binding, serve a notice of cancellation on the insurer.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1A" id="section-76-1A">
<Pnumber>
<Addition ChangeId="d30p25123">1A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25123">A person who has received a statutory notice in relation to a non-EC contract may, before the expiration of—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1A/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1A/a" id="section-76-1A-a">
<Pnumber>
<Addition ChangeId="d30p25123">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25123">the tenth day after that on which he received the notice, or</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1A/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1A/b" id="section-76-1A-b">
<Pnumber>
<Addition ChangeId="d30p25123">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25123">the earliest day on which he knows both that the contract has been entered into and that the first or only premium has been paid,</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p25123">whichever is the later, serve a notice of cancellation on the insurer.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/2" id="section-76-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
A person to whom an insurer ought to have, but has not, sent a statutory notice in relation to any such contract as aforesaid may serve a notice of cancellation on the insurer; but if the insurer sends him a statutory notice in relation to that contract before he has served a notice of cancellation under this subsection, then, without prejudice to his right to serve a notice of cancellation under
<Addition ChangeId="d30p25158" CommentaryRef="c1482986">subsection (1) or (1A)</Addition>
above, his right to do so under this subsection shall cease.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/3" id="section-76-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A notice of cancellation may, but need not, be in the form annexed to the statutory notice and shall have effect if, however expressed, it indicates the intention of the person serving it to withdraw from the transaction in relation to which the statutory notice was or ought to have been sent.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/4" id="section-76-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Where a person serves a notice of cancellation, then—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/4/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/4/a" id="section-76-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>if at the time when the notice is served the contract has been entered into, the notice shall operate so as to rescind the contract;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/4/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/4/b" id="section-76-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in any other case, the service of the notice shall operate as a withdrawal of any offer to enter into the contract which is contained in, or implied by, any proposal made to the insurer by the person serving the notice of cancellation and as notice to the insurer that any such offer is withdrawn.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/5" id="section-76-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>Where a notice of cancellation operates to rescind a contract or as the withdrawal of an offer to enter into a contract—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/5/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/5/a" id="section-76-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>any sum which the person serving the notice has paid in connection with the contract (whether by way of premium or otherwise and whether to the insurer or to a person who is the agent of the insurer for the purpose of receiving that sum) shall be recoverable from the insurer by the person serving the notice;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/5/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/5/b" id="section-76-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any sum which the insurer has paid under the contract shall be recoverable by him from the person serving the notice.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/6" id="section-76-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Any sum recoverable under subsection (5) above shall be recoverable as a simple contract debt in any court of competent jurisdiction.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title> Service of notice of cancellation.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77" id="section-77">
<Pnumber>
<CommentaryRef Ref="c1482987"/>
77
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/1" id="section-77-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>For the purposes of section 76 above a notice of cancellation—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/1/a" id="section-77-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>shall be deemed to be served on the insurer if it is sent by post addressed to any person specified in the statutory notice as a person to whom a notice of cancellation may be sent, and is addressed to that person at an address so specified; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/1/b" id="section-77-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>where paragraph (a) above applies, shall be deemed to be served on the insurer at the time when it is posted.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/2" id="section-77-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Subsection (1) above shall have effect without prejudice to the service of a notice of cancellation (whether by post or otherwise) in any way in which the notice could be served apart from that subsection, whether the notice is served on the insurer or on a person who is the agent of the insurer for the purpose of receiving such a notice.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/3" id="section-77-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A notice of cancellation which is sent by post to a person at his proper address, otherwise than in accordance with subsection (1) above, shall be deemed to be served on him at the time when it is posted.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/4" id="section-77-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
So much of section 7 of the
<CommentaryRef Ref="c1482988"/>
Interpretation Act 1978 as relates to the time when service is deemed to have been effected shall not apply to a notice of cancellation.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Linked long term policies.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78" id="section-78">
<Pnumber>78</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1" id="section-78-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may be made, as respects the matters specified in subsection (2) below, in relation to contracts the effecting of which constitutes the carrying on of ordinary long-term insurance business and which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1/a" id="section-78-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
are entered into by insurance companies to which Part II of this Act applies
<Addition ChangeId="d30p25473" CommentaryRef="c1482992"> ,by EC companies</Addition>
or by members of Lloyd’s; and
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1/b" id="section-78-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>are contracts under which the benefits payable to the policy holder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2" id="section-78-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations under this section may make provision for—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/a" id="section-78-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>restricting the descriptions of property or the indices of the value of property by reference to which benefits under the contracts may be determined;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/aa/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/aa" id="section-78-2-aa">
<Pnumber>
<Addition ChangeId="d30p25495" CommentaryRef="c1482993">aa</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25495" CommentaryRef="c1482993">restricting the proportion of those benefits which may be determined by reference to property of a specified description or a specified index;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/b" id="section-78-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>regulating the manner in which and the frequency with which property of any description is to be valued for the purpose of determining such benefits and the times at which reference is to be made for that purpose to any index of the value of property;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/c/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/c" id="section-78-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
requiring insurers under the contracts to appoint valuers for carrying out valuations of property of any description for the purpose of determining such benefits (being valuers who comply with the prescribed requirements as to qualifications and independence from the insurer) and to furnish the
<Addition ChangeId="d30p25515" CommentaryRef="c1482994">Treasury</Addition>
with the prescribed information in relation to such appointments;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/d/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/d" id="section-78-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
requiring insurers under the contracts to furnish, in such manner and at such times or intervals as may be prescribed, such information relating to the value of the benefits under the contracts as may be prescribed, whether by sending notices to policy holders, depositing statements with the
<Addition ChangeId="d30p25525">Treasury</Addition>
or the registrar of companies or the registrar of companies in Northern Ireland or with both such registrars, publication in the press or otherwise;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/e/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/e" id="section-78-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
requiring insurers under the contracts to furnish to the
<Addition ChangeId="d30p25535" CommentaryRef="c1482994">Treasury</Addition>
, in such manner and at such times or intervals as may be prescribed, such information certified in such manner as may be prescribed with respect to so much of their business as is concerned with the contracts or with any class or description of the contracts, and enabling the
<Addition ChangeId="d30p25539" CommentaryRef="c1482994">Treasury</Addition>
to publish such information in such ways as
<Addition ChangeId="d30p25543" CommentaryRef="c1482997">they think</Addition>
appropriate.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/3" id="section-78-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Regulations made for the purposes of subsection (2)(d) above may, in relation to notices required to be sent to policy holders, impose requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) for securing that such notices are easily legible.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/4" id="section-78-4">
<Pnumber>
<CommentaryRef Ref="c1482998"/>
4
</Pnumber>
<P2para>
<Text>
The
<Addition ChangeId="d30p25560" CommentaryRef="c1482994">Treasury</Addition>
may, on the application of any insurer, alter the requirements of any regulations under this section so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract entered into or proposed to be entered into by that insurer.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/5" id="section-78-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>Regulations under this section may, to such extent as may be specified therein, apply in relation to contracts entered into before the coming into operation of the regulations, including contracts entered into before the passing of this Act.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/6" id="section-78-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Regulations under this section shall not apply in relation to any contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business or to any contract entered into by an insurance company to which Part II of this Act applies by reason only that the policy holder is eligible to participate in any established surplus as defined in section 30(4) above.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title>
<CommentaryRef Ref="c1483000"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/79/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/79" id="section-79">
<Pnumber>79</Pnumber>
<P1para>
<Text/>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title> Capital redemption business.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/80/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/80" id="section-80">
<Pnumber>80</Pnumber>
<P1para>
<Text>Where an insurance company to which Part II of this Act applies carries on capital redemption business in the case of which the premiums in return for which a contract is effected are payable at intervals of less than six months, the company shall not give the holder of any policy issued after 2nd December 1909 any advantage dependent on lot or chance.</Text>
</P1para>
<P1para>
<Text>This section shall not be construed as in any way prejudicing any question as to the application to any such transaction, whether in respect of a policy issued before, on or after that date, of the law relating to lotteries.</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1996-04-01" RestrictEndDate="2001-12-01">
<Title> Penalties and offences under Part III.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81" id="section-81">
<Pnumber>81</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1" id="section-81-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Any person guilty of an offence under section 72, 73 or 74 above shall be liable—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/a" id="section-81-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b" id="section-81-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>on summary conviction—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/i/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/i" id="section-81-1-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
in England and Wales
<CommentaryRef Ref="c1483005"/>
, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of section 32 of the
<CommentaryRef Ref="c1483006"/>
Magistrates’ Courts Act 1980;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/ii/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/ii" id="section-81-1-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
in Scotland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of
<Addition ChangeId="d30p25704" CommentaryRef="c1483007">section 225(8)of the Criminal Procedure (Scotland) Act 1995</Addition>
,
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/iii/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/iii" id="section-81-1-b-iii">
<Pnumber>
<Addition ChangeId="d30p25708" CommentaryRef="c1483008">iii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p25708" CommentaryRef="c1483008">in Northern Ireland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of Article 4 of the Fines and Penalties (Northern Ireland) Order 1984.</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/2" id="section-81-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Any person who makes default in complying with, or with a requirement imposed under, any other provision of this Part of this Act shall be guilty of an offence and liable, on summary conviction in England and Wales and Scotland to a fine not exceeding level 5 on the standard scale and, on summary conviction in Northern Ireland to a fine not exceeding £400.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Primary>
<Versions>
<Version id="v00270" Description="E+W+S+N.I.">
<Part DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/part/III/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/III" NumberOfProvisions="10" RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01" id="part-III">
<Number>Part III</Number>
<Title> Conduct of Insurance Business</Title>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Insurance advertisements.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72" id="section-72">
<Pnumber>72</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/1" id="section-72-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may be made as to the form and contents of insurance advertisements.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/2" id="section-72-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations under this section may make different provision in relation to insurance advertisements of different classes or descriptions.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/3" id="section-72-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Subject to subsection (4) below, any person who issues an insurance advertisement which contravenes regulations under this section shall be guilty of an offence.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/4" id="section-72-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>A person who in the ordinary course of his business issues an advertisement to the order of another person, being an advertisement the issue of which by that other person constitutes an offence under subsection (3) above, shall not himself be guilty of the offence if he proves that the matters contained in the advertisement were not (wholly or in part) devised or selected by him or by any person under his direction or control.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/5" id="section-72-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-insurance-advertisement">insurance advertisement</Term>
” means an advertisement inviting persons to enter into or to offer to enter into contracts of insurance, and an advertisement which contains information calculated to lead directly or indirectly to persons entering into or offering to enter into such contracts shall be treated as an advertisement inviting them to do so.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/6" id="section-72-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-advertisement">advertisement</Term>
” includes every form of advertising, whether in a publication or by the display of notices or by means of circulars or other documents or by an exhibition of photographers or cinematograph films or by way of sound broadcasting or television
<Addition ChangeId="d30p24190" CommentaryRef="c1482954">or by inclusion in any programme service (within the meaning of the Broadcasting Act 1990) other than a sound or television broadcasting service</Addition>
, and reference to the issue of an advertisement shall be construed accordingly.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/72/7/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72/7" id="section-72-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>For the purposes of this section an advertisement issued by any person on behalf of or to the order of another person shall be treated as an advertisement issued by that other person; and for the purposes of any proceedings under this section an advertisement inviting persons to enter into or to offer to enter into contracts with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued by that person.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title>
<CommentaryRef Ref="c1482957"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/73/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/73" id="section-73">
<Pnumber>73</Pnumber>
<P1para>
<Text/>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-07-01" RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Intermediaries in insurance transactions.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74" id="section-74">
<Pnumber>
<CommentaryRef Ref="c1482959"/>
74
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/1" id="section-74-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may be made for requiring any person who—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/1/a" id="section-74-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>invites another person to make an offer or proposal or to take any other step with a view to entering into a contract of insurance with an insurance company; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/1/b" id="section-74-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>is connected with that company as provided in the regulations,</Text>
</P3para>
</P3>
<Text>to give the prescribed information with respect to his connection with the company to the person to whom the invitation is issued.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/2" id="section-74-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations may be made for requiring any person who, in the course of carrying on any business or profession, issues any such invitation as is mentioned in subsection (1)(a) above in relation to an insurance company which is not an authorised insurer in respect of the contract in question to inform the person to whom the invitation is issued that the company is not such an insurer as aforesaid.</Text>
</P2para>
<P2para>
<Text>
In this subsection “
<Term id="term-authorised-insurer">authorised insurer</Term>
”, in relation to a contract of any description, means a person entitled to carry on in the United Kingdom insurance business of a class comprising the effecting of contracts of that description
<Addition ChangeId="d30p24301" CommentaryRef="c1482960">or an EC or EFTA company entitled to provide in the United Kingdom insurance of such a class</Addition>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/74/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/3" id="section-74-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Any person who contravenes regulations under this section shall be guilty of an offence.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Statutory notice by insurer in relation to long term policy.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75" id="section-75">
<Pnumber>
<CommentaryRef Ref="c1482976"/>
75
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1" id="section-75-1">
<Pnumber>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">1</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">Subject to subsections (5) and (5A) below, unless the requirements of subsection (1A) below are fulfilled—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1/a" id="section-75-1-a">
<Pnumber>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">no insurance company which is authorised under section 3 or 4 above, no EC company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the carrying on of long term business in the United Kingdom; and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1/b" id="section-75-1-b">
<Pnumber>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24877" CommentaryRef="c1482977">no UK, EC or EFTA company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the provision of long term insurance in the United Kingdom.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1A" id="section-75-1A">
<Pnumber>1A</Pnumber>
<P2para>
<Text>The requirements of this subsection are that—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1A/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1A/a" id="section-75-1A-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the company or member (“the insurer”) sends by post to the other party to the contract, at or before the time when it is entered into, a statutory notice in relation to the contract; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1A/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1A/b" id="section-75-1A-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in the case of an EC contract, a representative of the insurer gives such a notice to that party at that time.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/1B/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1B" id="section-75-1B">
<Pnumber>1B</Pnumber>
<P2para>
<Text>Where, in the case of an EC contract, a statutory notice is sent to the other party to the contract before the time when it is entered into, the insurer shall, not later than 14 days after the contract has become binding, inform that party in writing that it has done so.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/2" id="section-75-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For the purposes of this section a statutory notice is a notice which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/2/a" id="section-75-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>contains such matters (and no others) and is in such form as may be prescribed for the purposes of this section and complies with such requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) as may be prescribed for securing that the notice is easily legible; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/2/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/2/b" id="section-75-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>has annexed to it a form of notice of cancellation of the prescribed description for use under section 76 below.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/3" id="section-75-3">
<Pnumber>
<CommentaryRef Ref="c1482978"/>
3
</Pnumber>
<P2para>
<Text>
The
<Addition ChangeId="d30p24946" CommentaryRef="c1482979">Treasury</Addition>
may, on the application of any insurer, alter the requirements of any regulations made for the purposes of subsection (2)(a) above so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract proposed to be entered into by that insurer.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/4" id="section-75-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Any insurer who contravenes this section shall be guilty of an offence but, without prejudice to section 76(2) below, no contract shall be invalidated by reason of the fact that the insurer has contravened this section in relation to that contract.</Text>
</P2para>
</P2>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/a" id="section-75-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the insurer is a company whose head office is in a member State or a member of Lloyd’s; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/b" id="section-75-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the other party is habitually resident in the United Kingdom;</Text>
</P3para>
</P3>
<Text>and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.</Text>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5" id="section-75-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
Subsection (1) of this section does not apply to
<Addition ChangeId="d30p24977" CommentaryRef="c1482980">any non-EC contract</Addition>
the effecting of which by the insurer constitutes the carrying on of industrial assurance business; and regulations may exempt from that subsection contracts of any other class or description.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5A" id="section-75-5A">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">5A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">Subsection (1) of this section does not apply to a contract if the party other than the insurer is habitually resident in a member State other than the United Kingdom.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5B/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B" id="section-75-5B">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">5B</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">For the purposes of this section and section 76 below, “EC contract” means a contract to which subsection (1) above applies which fulfils the following conditions, namely—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5B/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B/a" id="section-75-5B-a">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">
<Addition ChangeId="d30p24994" CommentaryRef="c1482982">a</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">
<Addition ChangeId="d30p24994" CommentaryRef="c1482982">the insurer is a UK, EC or EFTA company or a member of Lloyd’s;</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5B/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B/b" id="section-75-5B-b">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">the other party is habitually resident in the United Kingdom;</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">and “non-EC contract” means a contract to which subsection (1) above applies which is not an EC contract.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/5C/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5C" id="section-75-5C">
<Pnumber>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">5C</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p24981" CommentaryRef="c1482981">In the case of a contract involving two or more parties other than the insurer, this section and section 76 below shall have effect as if a separate contract were being or had been entered into by the insurer with each of those parties.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/75/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/6" id="section-75-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In sections 76 and 77 below “
<Term id="term-insurer">insurer</Term>
” and “
<Term id="term-statutory-notice">statutory notice</Term>
” have the same meaning as in this section.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1993-05-20" RestrictEndDate="2001-12-01">
<Title> Right to withdraw from transaction in respect of long term policy.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76" id="section-76">
<Pnumber>
<CommentaryRef Ref="c1482984"/>
76
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1" id="section-76-1">
<Pnumber>
<Addition ChangeId="d30p25123">
<CommentaryRef Ref="c1482985"/>
1
</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25123">A person who has received a statutory notice in relation to an EC contract may, before the expiration of the fourteenth day after that on which he is informed in writing that the contract has become binding, serve a notice of cancellation on the insurer.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1A/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1A" id="section-76-1A">
<Pnumber>
<Addition ChangeId="d30p25123">1A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p25123">A person who has received a statutory notice in relation to a non-EC contract may, before the expiration of—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1A/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1A/a" id="section-76-1A-a">
<Pnumber>
<Addition ChangeId="d30p25123">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25123">the tenth day after that on which he received the notice, or</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/1A/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1A/b" id="section-76-1A-b">
<Pnumber>
<Addition ChangeId="d30p25123">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25123">the earliest day on which he knows both that the contract has been entered into and that the first or only premium has been paid,</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p25123">whichever is the later, serve a notice of cancellation on the insurer.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/2" id="section-76-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
A person to whom an insurer ought to have, but has not, sent a statutory notice in relation to any such contract as aforesaid may serve a notice of cancellation on the insurer; but if the insurer sends him a statutory notice in relation to that contract before he has served a notice of cancellation under this subsection, then, without prejudice to his right to serve a notice of cancellation under
<Addition ChangeId="d30p25158" CommentaryRef="c1482986">subsection (1) or (1A)</Addition>
above, his right to do so under this subsection shall cease.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/3" id="section-76-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A notice of cancellation may, but need not, be in the form annexed to the statutory notice and shall have effect if, however expressed, it indicates the intention of the person serving it to withdraw from the transaction in relation to which the statutory notice was or ought to have been sent.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/4" id="section-76-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Where a person serves a notice of cancellation, then—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/4/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/4/a" id="section-76-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>if at the time when the notice is served the contract has been entered into, the notice shall operate so as to rescind the contract;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/4/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/4/b" id="section-76-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in any other case, the service of the notice shall operate as a withdrawal of any offer to enter into the contract which is contained in, or implied by, any proposal made to the insurer by the person serving the notice of cancellation and as notice to the insurer that any such offer is withdrawn.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/5" id="section-76-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>Where a notice of cancellation operates to rescind a contract or as the withdrawal of an offer to enter into a contract—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/5/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/5/a" id="section-76-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>any sum which the person serving the notice has paid in connection with the contract (whether by way of premium or otherwise and whether to the insurer or to a person who is the agent of the insurer for the purpose of receiving that sum) shall be recoverable from the insurer by the person serving the notice;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/5/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/5/b" id="section-76-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any sum which the insurer has paid under the contract shall be recoverable by him from the person serving the notice.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/76/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/6" id="section-76-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Any sum recoverable under subsection (5) above shall be recoverable as a simple contract debt in any court of competent jurisdiction.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title> Service of notice of cancellation.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77" id="section-77">
<Pnumber>
<CommentaryRef Ref="c1482987"/>
77
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/1" id="section-77-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>For the purposes of section 76 above a notice of cancellation—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/1/a" id="section-77-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>shall be deemed to be served on the insurer if it is sent by post addressed to any person specified in the statutory notice as a person to whom a notice of cancellation may be sent, and is addressed to that person at an address so specified; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/1/b" id="section-77-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>where paragraph (a) above applies, shall be deemed to be served on the insurer at the time when it is posted.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/2" id="section-77-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Subsection (1) above shall have effect without prejudice to the service of a notice of cancellation (whether by post or otherwise) in any way in which the notice could be served apart from that subsection, whether the notice is served on the insurer or on a person who is the agent of the insurer for the purpose of receiving such a notice.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/3" id="section-77-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A notice of cancellation which is sent by post to a person at his proper address, otherwise than in accordance with subsection (1) above, shall be deemed to be served on him at the time when it is posted.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/77/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77/4" id="section-77-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
So much of section 7 of the
<CommentaryRef Ref="c1482988"/>
Interpretation Act 1978 as relates to the time when service is deemed to have been effected shall not apply to a notice of cancellation.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01" ConfersPower="true">
<Title> Linked long term policies.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78" id="section-78">
<Pnumber>78</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1" id="section-78-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulations may be made, as respects the matters specified in subsection (2) below, in relation to contracts the effecting of which constitutes the carrying on of ordinary long-term insurance business and which—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1/a" id="section-78-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
are entered into by insurance companies to which Part II of this Act applies
<Addition ChangeId="d30p25473" CommentaryRef="c1482992"> ,by EC companies</Addition>
or by members of Lloyd’s; and
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1/b" id="section-78-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>are contracts under which the benefits payable to the policy holder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2" id="section-78-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Regulations under this section may make provision for—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/a" id="section-78-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>restricting the descriptions of property or the indices of the value of property by reference to which benefits under the contracts may be determined;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/aa/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/aa" id="section-78-2-aa">
<Pnumber>
<Addition ChangeId="d30p25495" CommentaryRef="c1482993">aa</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p25495" CommentaryRef="c1482993">restricting the proportion of those benefits which may be determined by reference to property of a specified description or a specified index;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/b" id="section-78-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>regulating the manner in which and the frequency with which property of any description is to be valued for the purpose of determining such benefits and the times at which reference is to be made for that purpose to any index of the value of property;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/c/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/c" id="section-78-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
requiring insurers under the contracts to appoint valuers for carrying out valuations of property of any description for the purpose of determining such benefits (being valuers who comply with the prescribed requirements as to qualifications and independence from the insurer) and to furnish the
<Addition ChangeId="d30p25515" CommentaryRef="c1482994">Treasury</Addition>
with the prescribed information in relation to such appointments;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/d/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/d" id="section-78-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
requiring insurers under the contracts to furnish, in such manner and at such times or intervals as may be prescribed, such information relating to the value of the benefits under the contracts as may be prescribed, whether by sending notices to policy holders, depositing statements with the
<Addition ChangeId="d30p25525">Treasury</Addition>
or the registrar of companies or the registrar of companies in Northern Ireland or with both such registrars, publication in the press or otherwise;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/2/e/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/e" id="section-78-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
requiring insurers under the contracts to furnish to the
<Addition ChangeId="d30p25535" CommentaryRef="c1482994">Treasury</Addition>
, in such manner and at such times or intervals as may be prescribed, such information certified in such manner as may be prescribed with respect to so much of their business as is concerned with the contracts or with any class or description of the contracts, and enabling the
<Addition ChangeId="d30p25539" CommentaryRef="c1482994">Treasury</Addition>
to publish such information in such ways as
<Addition ChangeId="d30p25543" CommentaryRef="c1482997">they think</Addition>
appropriate.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/3/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/3" id="section-78-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Regulations made for the purposes of subsection (2)(d) above may, in relation to notices required to be sent to policy holders, impose requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) for securing that such notices are easily legible.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/4/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/4" id="section-78-4">
<Pnumber>
<CommentaryRef Ref="c1482998"/>
4
</Pnumber>
<P2para>
<Text>
The
<Addition ChangeId="d30p25560" CommentaryRef="c1482994">Treasury</Addition>
may, on the application of any insurer, alter the requirements of any regulations under this section so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract entered into or proposed to be entered into by that insurer.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/5/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/5" id="section-78-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>Regulations under this section may, to such extent as may be specified therein, apply in relation to contracts entered into before the coming into operation of the regulations, including contracts entered into before the passing of this Act.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/78/6/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/6" id="section-78-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Regulations under this section shall not apply in relation to any contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business or to any contract entered into by an insurance company to which Part II of this Act applies by reason only that the policy holder is eligible to participate in any established surplus as defined in section 30(4) above.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title>
<CommentaryRef Ref="c1483000"/>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/79/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/79" id="section-79">
<Pnumber>79</Pnumber>
<P1para>
<Text/>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01">
<Title> Capital redemption business.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/80/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/80" id="section-80">
<Pnumber>80</Pnumber>
<P1para>
<Text>Where an insurance company to which Part II of this Act applies carries on capital redemption business in the case of which the premiums in return for which a contract is effected are payable at intervals of less than six months, the company shall not give the holder of any policy issued after 2nd December 1909 any advantage dependent on lot or chance.</Text>
</P1para>
<P1para>
<Text>This section shall not be construed as in any way prejudicing any question as to the application to any such transaction, whether in respect of a policy issued before, on or after that date, of the law relating to lotteries.</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1996-04-01" RestrictEndDate="2001-12-01">
<Title> Penalties and offences under Part III.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81" id="section-81">
<Pnumber>81</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1" id="section-81-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Any person guilty of an offence under section 72, 73 or 74 above shall be liable—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/a/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/a" id="section-81-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b" id="section-81-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>on summary conviction—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/i/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/i" id="section-81-1-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
in England and Wales
<CommentaryRef Ref="c1483005"/>
, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of section 32 of the
<CommentaryRef Ref="c1483006"/>
Magistrates’ Courts Act 1980;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/ii/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/ii" id="section-81-1-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
in Scotland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of
<Addition ChangeId="d30p25704" CommentaryRef="c1483007">section 225(8)of the Criminal Procedure (Scotland) Act 1995</Addition>
,
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/1/b/iii/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/iii" id="section-81-1-b-iii">
<Pnumber>
<Addition ChangeId="d30p25708" CommentaryRef="c1483008">iii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p25708" CommentaryRef="c1483008">in Northern Ireland, to a fine not exceeding £1,000 or, if it is greater, the prescribed sum within the meaning of Article 4 of the Fines and Penalties (Northern Ireland) Order 1984.</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/81/2/2000-04-14" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/2" id="section-81-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Any person who makes default in complying with, or with a requirement imposed under, any other provision of this Part of this Act shall be guilty of an offence and liable, on summary conviction in England and Wales and Scotland to a fine not exceeding level 5 on the standard scale and, on summary conviction in Northern Ireland to a fine not exceeding £400.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Version>
</Versions>
<Commentaries>
<Commentary id="c1482954" Type="F">
<Para>
<Text>
Words substituted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1990/42" id="c03599" Year="1990" Class="UnitedKingdomPublicGeneralAct" Number="42" Title="Broadcasting Act 1990">Broadcasting Act 1990 (c. 42, SIF 96)</Citation>
,
<CitationSubRef id="c03600" URI="http://www.legislation.gov.uk/id/ukpga/1990/42/section/4/6" CitationRef="c03599" SectionRef="section-4-6">ss. 4(6)</CitationSubRef>
,
<CitationSubRef id="c03601" URI="http://www.legislation.gov.uk/id/ukpga/1990/42/section/87/6" CitationRef="c03599" SectionRef="section-87-6">87(6)</CitationSubRef>
,
<CitationSubRef id="c03602" URI="http://www.legislation.gov.uk/id/ukpga/1990/42/section/203/1" CitationRef="c03599" SectionRef="section-203-1">203(1)</CitationSubRef>
,
<CitationSubRef id="c03603" URI="http://www.legislation.gov.uk/id/ukpga/1990/42/schedule/20/paragraph/34" Operative="true" CitationRef="c03599" SectionRef="schedule-20-paragraph-34">Sch. 20 para. 34</CitationSubRef>
for words inserted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1984/46" id="c03604" Year="1984" Class="UnitedKingdomPublicGeneralAct" Number="46" Title="Cable and Broadcasting Act 1984">Cable and Broadcasting Act 1984 (c. 46, SIF 96)</Citation>
,
<CitationSubRef id="c03605" URI="http://www.legislation.gov.uk/id/ukpga/1984/46/section/57/1" CitationRef="c03604" SectionRef="section-57-1">s. 57(1)</CitationSubRef>
,
<CitationSubRef id="c03606" URI="http://www.legislation.gov.uk/id/ukpga/1984/46/schedule/5/paragraph/43" Operative="true" CitationRef="c03604" SectionRef="schedule-5-paragraph-43">Sch. 5 para. 43</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482957" Type="F">
<Para>
<Text>
<CitationSubRef id="c03607" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/73" SectionRef="section-73">S. 73</CitationSubRef>
repealed by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03608" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c03609" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/212/3" CitationRef="c03608" SectionRef="section-212-3">s. 212(3)</CitationSubRef>
,
<CitationSubRef id="c03610" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/schedule/17/part/I" Operative="true" CitationRef="c03608" SectionRef="schedule-17-part-I">Sch. 17 Pt. I</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482959" Type="C">
<Para>
<Text>
<CitationSubRef id="c03615" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74" SectionRef="section-74">S. 74</CitationSubRef>
restricted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03616" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c.60, SIF 69)</Citation>
,
<CitationSubRef id="c03617" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/129" CitationRef="c03616" SectionRef="section-129">s. 129</CitationSubRef>
,
<CitationSubRef id="c03618" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/schedule/10/paragraph/5/2" Operative="true" CitationRef="c03616" SectionRef="schedule-10-paragraph-5-2">Sch. 10 para. 5(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482960" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03619" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/74/2" SectionRef="section-74-2">s. 74(2)</CitationSubRef>
inserted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c03620" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c03621" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/42" Operative="true" CitationRef="c03620" SectionRef="regulation-42">reg. 42</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482976" Type="C">
<Para>
<Text>
<CitationSubRef id="c03674" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75" UpTo="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77" Type="group" StartSectionRef="section-75" EndSectionRef="section-77">Ss. 75–77</CitationSubRef>
restricted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03675" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c03676" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/129" CitationRef="c03675" SectionRef="section-129">s. 129</CitationSubRef>
,
<CitationSubRef id="c03677" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/schedule/10/paragraph/5/3/4" Operative="true" CitationRef="c03675" SectionRef="schedule-10-paragraph-5-3-4">Sch. 10 para. 5(3)(4)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482977" Type="F">
<Para>
<Text>
<CitationSubRef id="c03678" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/1" SectionRef="section-75-1">S. 75(1)</CitationSubRef>
substituted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c03679" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c03680" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/9/1" Operative="true" CitationRef="c03679" SectionRef="regulation-9-1">reg. 9(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482978" Type="C">
<Para>
<Text>
<CitationSubRef id="c03681" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/3" SectionRef="section-75-3">S. 75(3)</CitationSubRef>
: power to contract out functions conferred (18.11.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/2842" id="c03682" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="2842">S.I. 1998/2842</Citation>
,
<CitationSubRef id="c03683" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/2" CitationRef="c03682" SectionRef="article-2">arts. 2</CitationSubRef>
,
<CitationSubRef id="c03684" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/3" CitationRef="c03682" SectionRef="article-3">3</CitationSubRef>
,
<CitationSubRef id="c03685" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/schedule/part/I/paragraph/49" Operative="true" CitationRef="c03682" SectionRef="schedule-part-I-paragraph-49">Sch. Pt. I para. 49</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482979" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03686" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/3" SectionRef="section-75-3">s. 75(3)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c03687" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c03688" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c03687" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c03689" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/43/g" Operative="true" CitationRef="c03687" SectionRef="schedule-part-I-paragraph-43-g">Sch. Pt. I para. 43(g)</CitationSubRef>
(with
<CitationSubRef id="c03690" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/7" CitationRef="c03687" SectionRef="article-7">art. 7</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c1482980" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03691" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5" SectionRef="section-75-5">s. 75(5)</CitationSubRef>
inserted (20.5.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/1327" id="c03692" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="1327">S.I. 1993/1327</Citation>
,
<CitationSubRef id="c03693" URI="http://www.legislation.gov.uk/id/uksi/1993/1327/regulation/2/2" Operative="true" CitationRef="c03692" SectionRef="regulation-2-2">reg. 2(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482981" Type="F">
<Para>
<Text>
<CitationSubRef id="c03694" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5A/5B/5C" SectionRef="section-75-5A-5B-5C">S. 75(5A)(5B)(5C)</CitationSubRef>
inserted (20.5.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/1327" id="c03695" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="1327">S.I. 1993/1327</Citation>
,
<CitationSubRef id="c03696" URI="http://www.legislation.gov.uk/id/uksi/1993/1327/regulation/2/3" Operative="true" CitationRef="c03695" SectionRef="regulation-2-3">reg. 2(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482982" Type="F">
<Para>
<Text>
<CitationSubRef id="c03697" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75/5B/a" SectionRef="section-75-5B-a">S. 75(5B)(a)</CitationSubRef>
substituted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c03698" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c03699" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/9/2" Operative="true" CitationRef="c03698" SectionRef="regulation-9-2">reg. 9(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482984" Type="C">
<Para>
<Text>
<CitationSubRef id="c03704" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75" UpTo="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77" Type="group" StartSectionRef="section-75" EndSectionRef="section-77">Ss. 75–77</CitationSubRef>
restricted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03705" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c03706" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/129" CitationRef="c03705" SectionRef="section-129">s. 129</CitationSubRef>
,
<CitationSubRef id="c03707" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/schedule/10/paragraph/5/3/4" Operative="true" CitationRef="c03705" SectionRef="schedule-10-paragraph-5-3-4">Sch. 10 para. 5(3)(4)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482985" Type="F">
<Para>
<Text>
<CitationSubRef id="c03708" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/1/1A" SectionRef="section-76-1-1A">s. 76(1)(1A)</CitationSubRef>
subsituted for s. 76(1)(1A) (20.5.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/1327" id="c03709" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="1327">S.I. 1993/1327</Citation>
,
<CitationSubRef id="c03710" URI="http://www.legislation.gov.uk/id/uksi/1993/1327/regulation/2/4" Operative="true" CitationRef="c03709" SectionRef="regulation-2-4">reg. 2(4)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482986" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03711" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/76/2" SectionRef="section-76-2">s. 76(2)</CitationSubRef>
substituted (20.5.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/1327" id="c03712" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="1327">S.I. 1993/1327</Citation>
,
<CitationSubRef id="c03713" URI="http://www.legislation.gov.uk/id/uksi/1993/1327/regulation/2/5" Operative="true" CitationRef="c03712" SectionRef="regulation-2-5">reg. 2(5)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482987" Type="C">
<Para>
<Text>
<CitationSubRef id="c03714" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/75" UpTo="http://www.legislation.gov.uk/id/ukpga/1982/50/section/77" Type="group" StartSectionRef="section-75" EndSectionRef="section-77">Ss. 75-77</CitationSubRef>
restricted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03715" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c03716" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/129" CitationRef="c03715" SectionRef="section-129">s. 129</CitationSubRef>
,
<CitationSubRef id="c03717" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/schedule/10/paragraph/5/3/4" Operative="true" CitationRef="c03715" SectionRef="schedule-10-paragraph-5-3-4">Sch. 10 para 5(3)(4)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482988" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1978/30" id="c03718" Year="1978" Class="UnitedKingdomPublicGeneralAct" Number="30">1978 c. 30</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c1482992" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03728" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/1/a" SectionRef="section-78-1-a">s. 78(1)(a)</CitationSubRef>
inserted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c03729" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c03730" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/44" Operative="true" CitationRef="c03729" SectionRef="regulation-44">reg. 44</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482993" Type="F">
<Para>
<Text>
<CitationSubRef id="c03731" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2" SectionRef="section-78-2">S. 78(2)</CitationSubRef>
(
<Emphasis>aa</Emphasis>
) inserted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03732" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c03733" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/137" Operative="true" CitationRef="c03732" SectionRef="section-137">s. 137</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482994" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03734" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78" SectionRef="section-78">s. 78</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c03735" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c03736" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c03735" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c03737" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/44/a" Operative="true" CitationRef="c03735" SectionRef="schedule-part-I-paragraph-44-a">Sch. Pt. I para. 44(a)</CitationSubRef>
(with
<CitationSubRef id="c03738" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/7" CitationRef="c03735" SectionRef="article-7">art. 7</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c1482997" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03739" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/2/e" SectionRef="section-78-2-e">s. 78(2)(e)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c03740" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c03741" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c03740" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c03742" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/44/b" Operative="true" CitationRef="c03740" SectionRef="schedule-part-I-paragraph-44-b">Sch. Pt. I para. 44(b)</CitationSubRef>
(with
<CitationSubRef id="c03743" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/7" CitationRef="c03740" SectionRef="article-7">art. 7</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c1482998" Type="C">
<Para>
<Text>
<CitationSubRef id="c03744" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/78/4" SectionRef="section-78-4">S. 78(4)</CitationSubRef>
: power to contract out functions conferred (18.11.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/2842" id="c03745" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="2842">S.I. 1998/2842</Citation>
,
<CitationSubRef id="c03746" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/2" CitationRef="c03745" SectionRef="article-2">arts. 2</CitationSubRef>
,
<CitationSubRef id="c03747" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/3" CitationRef="c03745" SectionRef="article-3">3</CitationSubRef>
,
<CitationSubRef id="c03748" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/schedule/part/I/paragraph/50" Operative="true" CitationRef="c03745" SectionRef="schedule-part-I-paragraph-50">Sch. Pt. I para. 50</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1483000" Type="F">
<Para>
<Text>
<CitationSubRef id="c03749" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/79" SectionRef="section-79">S. 79</CitationSubRef>
repealed by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c03750" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c03751" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/212/3" CitationRef="c03750" SectionRef="section-212-3">s. 212(3)</CitationSubRef>
,
<CitationSubRef id="c03752" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/schedule/17/part/I" Operative="true" CitationRef="c03750" SectionRef="schedule-17-part-I">Sch. 17 Pt. I</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1483005" Type="F">
<Para>
<Text>
Words repealed by
<Citation URI="http://www.legislation.gov.uk/id/nisi/1984/703" id="c03762" Class="NorthernIrelandOrderInCouncil" Year="1984" Number="703">S.I. 1984/703 (N.I. 3)</Citation>
,
<CitationSubRef id="c03763" URI="http://www.legislation.gov.uk/id/nisi/1984/703/article/19/1/2" CitationRef="c03762" SectionRef="article-19-1-2">art. 19(1)(2)</CitationSubRef>
,
<CitationSubRef id="c03764" URI="http://www.legislation.gov.uk/id/nisi/1984/703/schedule/6/paragraph/32" Operative="true" CitationRef="c03762" SectionRef="schedule-6-paragraph-32">Sch. 6 para. 32</CitationSubRef>
(
<Emphasis>a</Emphasis>
), Sch. 7
</Text>
</Para>
</Commentary>
<Commentary id="c1483006" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1980/43" id="c03765" Year="1980" Class="UnitedKingdomPublicGeneralAct" Number="43">1980 c. 43</Citation>
</Text>
</Para>
</Commentary>
<Commentary id="c1483007" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c03766" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1/b/ii" SectionRef="section-81-1-b-ii">s. 81(1)(b)(ii)</CitationSubRef>
substituted (1.4.1996) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1995/40" id="c03767" Year="1995" Class="UnitedKingdomPublicGeneralAct" Number="40">1995 c. 40</Citation>
,
<CitationSubRef id="c03768" URI="http://www.legislation.gov.uk/id/ukpga/1995/40/section/5" CitationRef="c03767" SectionRef="section-5">ss. 5</CitationSubRef>
,
<CitationSubRef id="c03769" URI="http://www.legislation.gov.uk/id/ukpga/1995/40/section/7/2" CitationRef="c03767" SectionRef="section-7-2">7(2)</CitationSubRef>
,
<CitationSubRef id="c03770" URI="http://www.legislation.gov.uk/id/ukpga/1995/40/schedule/4/paragraph/45/4" Operative="true" CitationRef="c03767" SectionRef="schedule-4-paragraph-45-4">Sch. 4 para. 45(4)</CitationSubRef>
(with Sch. 3)
</Text>
</Para>
</Commentary>
<Commentary id="c1483008" Type="F">
<Para>
<Text>
<CitationSubRef id="c03771" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/81/1" SectionRef="section-81-1">S. 81(1)</CitationSubRef>
(
<Emphasis>b</Emphasis>
)(iii) substituted for words after sub-paragraph (ii) by
<Citation URI="http://www.legislation.gov.uk/id/nisi/1984/703" id="c03772" Class="NorthernIrelandOrderInCouncil" Year="1984" Number="703">S.I. 1984/703 (N.I. 3)</Citation>
,
<CitationSubRef id="c03773" URI="http://www.legislation.gov.uk/id/nisi/1984/703/article/19/1" CitationRef="c03772" SectionRef="article-19-1">art. 19(1)</CitationSubRef>
,
<CitationSubRef id="c03774" URI="http://www.legislation.gov.uk/id/nisi/1984/703/schedule/6/paragraph/32" Operative="true" CitationRef="c03772" SectionRef="schedule-6-paragraph-32">Sch. 6 para. 32</CitationSubRef>
(
<Emphasis>b</Emphasis>
)
</Text>
</Para>
</Commentary>
<Commentary id="c1482955" Type="F">
<Para>
<Text>
<CitationSubRef id="c03775" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72A" SectionRef="section-72A">S. 72A</CitationSubRef>
inserted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c03776" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c03777" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/40/1" Operative="true" CitationRef="c03776" SectionRef="regulation-40-1">reg. 40(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482956" Type="F">
<Para>
<Text>
<CitationSubRef id="c03778" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/72B" SectionRef="section-72B">S. 72B</CitationSubRef>
inserted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c03779" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c03780" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/41" Operative="true" CitationRef="c03779" SectionRef="regulation-41">reg. 41</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>