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Version Superseded: 01/12/2001
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Insurance Companies Act 1982 (repealed), Section 21A is up to date with all changes known to be in force on or before 12 August 2024.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.
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[F2(1)No duty to which—
(a)an auditor of an insurance company to which this Part of this Act applies; or
(b)an auditor of any body with which a UK or non-EC company is closely linked by control who is also an auditor of the insurance company,
may be subject shall be regarded as contravened by reason of his communicating in good faith [F3to the Treasury or] to the Secretary of State, whether or not in response to a request from [F4them], any information or opinion on a matter of which the auditor has become aware in his capacity as auditor of that company or body and which is relevant to any functions of the [F5Treasury or, as the case may be,] Secretary of State under this Act]
(2)If it appears to the [F6Treasury] that any auditor or class of auditor to whom subsection (1) above applies is not subject to satisfactory rules made or guidance issued by a professional body specifying circumstances in which matters are to be communicated to the [F7Treasury or] the Secretary of State as mentioned in that subsection the [F6Treasury] may make regulations applying to that auditor or class of auditor and specifying such circumstances; and it shall be the duty of an auditor to whom the regulations made by the [F6Treasury] apply to communicate a matter to [F8the Treasury or, as the case may be,] the Secretary of State in the circumstances specified by the regulations.
(3)The matters to be communicated to [F9the Treasury or] t h e Secretary of State in accordance with any such rules or guidance or regulations may include matters relating to persons other than the company.
(4)No regulations shall be made under subsection (2) above unless a draft of them has been laid before and approved by a resolution of each House of Parliament.
(5)If it appears to the [F10Treasury]that an auditor has failed to comply with the duty mentioned in subsection (2) above, the [F10Treasury] may disqualify him from being the auditor of an insurance company or any class of insurance company to which Part II of this Act applies; but the [F10Treasury] may remove any disqualification imposed under this subsection if satisfied that the person in question will in future comply with that duty.
(6)An insurance company to which this Part of this Act applies shall not appoint as auditor a person disqualified under subsection (5) above.]
Textual Amendments
F1S. 21A inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 135(1)
F2S. 21A(1) substituted (18.7.1996) by S.I. 1996/1669, art. 19
F3Words in s. 21A(1) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(a)(i)
F4Word in s. 21A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(a)(ii)
F5Words in s. 21A(1) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(a)(iii)
F6Word in s. 21A(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(b)(i)
F7Words in s. 21A(2) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(b)(ii)
F8Words in s. 21A(2) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(b)(iii)
F9Words in s. 21A(3) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(c)
F10Word in s. 21A(5) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. para. 12(d)
Modifications etc. (not altering text)
C1S. 21A(1)(2)(3)(5): power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 13
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