Insurance Companies Act 1982 (repealed)

Section 99(1).

SCHEDULE 4 U.K. Saving and Transitional Provisions

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

1 The repeal by the M1 Insurance Companies Amendment Act 1973 of sections 65, 68 and 80 and subsection (1)(f) of section 109 of the M2 Companies Act 1967 shall not affect—

(a) any requirement or direction imposed or given under any of those sections before 25th July 1973;

(b) the giving of a direction under the said section 68 in any case in which a notice has been served under subsection (3) of that section before that date; or

(c) the exercise by an officer of any powers under the said section 109 in a case in which he has been authorised before that date to exercise them;

and the said Act of 1967 shall have effect in relation to any such requirement, direction or powers as if the said Act of 1973, the M3 Insurance Companies Act 1974 and this Act had not been passed.

Marginal Citations

M1 1973 c. 58.

M2 1967 c. 81

M3 1974 c. 49.

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

2 In relation to any period of twelve months beginning before 1st October 1982, section 18 of this Act shall have effect as if—

(a) for subsection (1)(a) there were substituted—

“(a) shall, once in every three years or at such shorter intervals as may be prescribed by the deed of settlement of the company or by its regulations or byelaws, cause an investigation to be made into its financial condition in respect of that business, including a valuation of its liabilities in respect thereof, by the person who for the time being is its actuary under section 19(1) below or any corresponding enactment previously in force; and”;

(b) subsection (2) were omitted.

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

3 For the purposes of section 30(1) of this Act, where an established surplus corresponds partly but not wholly with a previously established surplus which was the latest to be established before 1st January 1982—

(a) an adjustment shall be made to that previously established surplus so as to make it as nearly as may be comparable with the first-mentioned surplus, and

(b) the relevant minimum shall be determined on the basis of that adjustment and an analogous adjustment of the allocation from that previously established surplus.

Margins of solvency U.K.

4 The requirements of sections 32 and 33 of this Act (or of regulations made for the purposes of those sections) shall not apply until 15th March 1984 in relation to long term business if the company concerned—

(a) was carrying on long term business in the United Kingdom immediately before 1st January 1982, and

(b) has not after that date obtained an authorisation under the Insurance Companies Act 1981 for a class of long term business for which on 1st January 1982 it was not authorised under that Act, and

(c) does not after the commencement of this Act obtain an authorisation under this Act for a class of long term business for which on 1st January 1982 it was not authorised under the M4 Insurance Companies Act 1981.

Marginal Citations

M4 1981 c. 31.

5 So long as paragraph 4 above applies to a company and a class of long term business carried on by it, then, in relation to that company and that business, the grounds for withdrawal of authorisation set out in section 11(2) of this Act shall be deemed to include the grounds set out in section 28(1)(a) and (2) of the M5 Insurance Companies Act 1974 as in force immediately before 1st January 1982.

Marginal Citations

M5 1974 c. 49.

Postponement of coming into force of section 36 above U.K.

6 If no regulations under section 27 of the M6 Insurance Companies Act 1974 have come into operation before the expiration of the period mentioned in section 100(2) above section 36 of this Act shall not take effect until the first regulations under the said section 27 or 36 come into operation.

Marginal Citations

M6 1974 c. 49.

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

7 For the purposes of section 37(2)(f) of this Act, a scheme of operations submitted pursuant to regulation 5 of the M7 Insurance Companies (Authorisation and Accounts: General Business) Regulations 1978 shall be regarded as a proposal or forecast submitted in accordance with section 5 of this Act.

Marginal Citations

M7 S.I. 1978/720.

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

8 Where a requirement under section 29 of the Insurance Companies Act 1974 was in force immediately before 1st January 1982—

(a) that requirement shall continue in force,

(b) any requirement imposed under sections 30 to 37 of that Act on the company concerned, if it was in force immediately before that day, shall continue in force, and

(c) section 47(1) of this Act shall apply to any requirement that continues in force under sub-paragraph (a) or (b) above.

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

9 Until 15th March 1984, sections 37(3) and 38(3) of this Act shall not affect requirements imposed on companies before 1st January 1982 in respect of long term business.

Deposits made with Accountant General before 1st January 1982 U.K.

10 A deposit made under regulation 6 of the M8 Insurance Companies (Solvency: General Business) Regulations 1977 shall, in so far as it remained with the Accountant General of the Supreme Court immediately before 1st January 1982, be regarded as having been made under section 9(1)(c) of this Act.

Marginal Citations

M8 S.I. 1977/1553.

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

11 Where—

(a) as a result of the repeal of section 83(2)(b) of the Insurance Companies Act 1974 any particular kind of ordinary long-term insurance business has become general business, and

(b) an insurance company was immediately before 1st January 1982 lawfully carrying on that particular kind of business in the United Kingdom,

then, notwithstanding the lack of an authorisation to carry on general business, the company may continue to carry out any contract of insurance relating to that particular kind of business if the contract was made before 1st January 1982.

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

12 Where an application to the Secretary of State under the M9 Insurance (Transfer of General Business) Regulations 1980 for approval of a transfer has been made before 1st January 1982 and not determined before the commencement of this Act, the application shall be determined in accordance with the law in force immediately before 1st January 1982.

Marginal Citations

M9 S.I. 1980/956.

Saving for section 42 of the Insurance Companies Act 1974 U.K.

13 Section 42 of the M10 Insurance Companies Act 1974 shall continue to have effect in relation to an application made to the court under that section before 1st January 1982 as if this Act and section 27 of the M11 Insurance Companies Act 1981 had not been enacted and section 50 of this Act shall apply to an order made by virtue of this paragraph as if it were an order made under section 49 of this Act.

Marginal Citations

M10 1974 c. 49.

M11 1981 c. 31.

F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

14

Textual Amendments

F1 Sch. 4 para. 14 repealed by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 29, Sch. 1

Saving for winding up commenced before rules made under section 365 of the [F2 Companies Act] or section 317 of the [F3 Companies (Northern Ireland) Order 1986] U.K.

Textual Amendments

F2 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F3 Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II

15 The provisions of this Act, so far as re-enacting provisions of the Insurance Companies Act 1974 which repealed and re-enacted provisions of the M12 Insurance Companies Amendment Act 1973 relating to winding up, shall not affect any winding up commenced before the date on which the first rules made under section 365 of the [F4 Companies Act] or, as the case may be, section 317 of the M13 [F5 Companies (Northern Ireland) Order 1986] by virtue of section 51(2) of the said Act of 1974 or section 59(2) above come into operation.

Textual Amendments

F4 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F5 Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II

Marginal Citations

M12 1973 c. 58.

M13 1960 c. 22 (N.I.)

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

16 If no rules under section 51(2) of the M14 Insurance Companies Act 1974 have come into operation before the commencement of this Act the repeal of section 17(2) and (3) of, and Schedules 3 and 4 to, the M15 Insurance Companies Act 1958 shall not take effect until the first rules made under section 365 of the [F6 Companies Act] or, as the case may be, section 317 of the M16 [F7 Companies (Northern Ireland) Order 1986] by virtue of the said section 51(2) or section 59(2) above come into operation.

Textual Amendments

F6 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

F7 Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II

Marginal Citations

M14 1974 c. 49.

M15 1958 c. 72.

M16 1960 c. 22 (N.I.)

Northern Ireland U.K.

17 Section 17(2)(a) of the M17 Interpretation Act 1978 shall not apply to the reference to the Insurance Companies Act 1974 in paragraph 2 of Schedule 4 to the M18 Insurance Companies Act 1980.

Marginal Citations

M17 1978 c. 30.

M18 1980 c. 25.

F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

18

Textual Amendments

F8 Sch. 4 para. 18 repealed by S.I. 1986/1035 (N.I. 9), art. 24, Sch. 2

Continuing offences U.K.

19 Where an offence for the continuance of which a penalty was provided has been committed under any enactment repealed by this Act proceedings may be taken under this Act in respect of the continuance of the offence after the commencement of this Act in the like manner as if the offence had been committed under the corresponding provision of this Act.

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

20 Until the coming into force of paragraph (g) of subsection (2) of section 46 of the M19 Administration of Justice Act 1982, the reference in section 9(7) of this Act to section 38(7) of that Act shall be construed as a reference to section 7 of the M20 Administration of Justice Act 1965.

Marginal Citations

M19 1982 c. 53.

M20 1965 c. 2.

21 In relation to offences under this Act committed in England and Wales before the coming into force of section 38 of the M21 Criminal Justice Act 1982 or in Scotland before the coming into force of section 54 of that Act the reference in each of the following provisions of this Act, namely—

(a) section 71(3),

(b) section 81(2) and

(c) section 88(2)

to level 5 on the standard scale shall have effect as a reference to £400.

Marginal Citations

M21 1982 c. 48.

General U.K.

22 Subject to paragraph 17 above and without prejudice to any express amendment made by this Act, any enactment or other document whatsoever referring to any enactment repealed by this Act shall, unless the context otherwise requires, be construed as referring (or as including a reference) to the corresponding enactment in this Act.

23 Without prejudice to paragraph 22 above, any enactment or document whatsoever referring to an assurance company within the meaning of the M22 Assurance Companies Act 1909 shall be construed as referring (or as including a reference) to an insurance company to which Part II of this Act applies.

Marginal Citations

M22 1909 c. 49.

24 Where a period of time specified in any enactment repealed by this Act is current at the commencement of this Act, this Act has effect as if the corresponding provision of this Act had been in force when that period began to run.