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Insurance Companies Act 1982 (repealed)

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Changes over time for: Cross Heading: Powers of intervention

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Version Superseded: 01/12/2001

Alternative versions:

Status:

Point in time view as at 05/01/1998.

Changes to legislation:

Insurance Companies Act 1982 (repealed), Cross Heading: Powers of intervention is up to date with all changes known to be in force on or before 06 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Powers of interventionU.K.

20(1)Where it appears to the [F2Treasury] that an EFTA company providing insurance in the United Kingdom has failed to comply with any provision of this Act, [F3they] may require it to take such steps as [they] may specify to comply with that provision.

(2)If the company fails to comply with a requirement under sub-paragraph (1) above, the [F2Treasury] shall notify the supervisory authority in the EEA State in which the establishment through which the insurance is provided is situated.

(3)If the company persists in contravening a provision which has been the subject of arequirement under sub-paragraph (1) above, the [F2Treasury] may, after informing that supervisory authority, direct the company to cease to provide insurance, or insurance of any specified description, in the United Kingdom.

(4)After giving such a direction, the [F2Treasury] shall by notice in writing inform the company of [F4their] reasons for doing so.

(5)A direction under this paragraph does not prevent the company from effecting a contract ofinsurance in pursuance of a term of a subsisting contract of insurance.

(6)A requirement or direction under this paragraph may be varied or revoked by the [F2Treasury].

Textual Amendments

F2Word in Sch. 2F para. 20 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)

F3Word in Sch. 2F para. 20(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 83(a) (with art. 7)

F4Word in Sch. 2F para. 20(4) substituted (5.1.1998) by S.I. 1997/2781, art.8, Sch. Pt. I para. 83(b) (with art. 7)

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