Insurance Companies Act 1982 (repealed)

33 Failure to maintain minimum margin. U.K.

(1) If—

(a) the margin of solvency of an insurance company to which section 32(1) above applies, or

(b) the margin of solvency or United Kingdom margin of solvency of an insurance company to which section 32(2) above applies, or

(c) the margin of solvency or [F1 EEA margin of solvency] of an insurance company to which section 32(3) above applies,

falls below such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section, the company shall at the request of the [F2 Treasury] submit to [F3 them] a short-term financial scheme.

(2) An insurance company that has submitted a scheme to the [F2 Treasury] under subsection (1) above shall propose modifications to the scheme (or the scheme as previously modified) if the [F2 Treasury][F4 consider] it inadequate, and shall give effect to any scheme accepted by [F5 the Treasury] as adequate.

(3) Where a company is required by virtue of section 32(6) above to maintain separate margins in respect of long term and general business, subsection (1) above shall have effect as if any reference to the margin of solvency, the United Kingdom margin of solvency or the [F1 EEA margin of solvency] of the company were a reference to the margin in respect of either of the two kinds of business.

Textual Amendments

F1 Words in s. 33(1)(3) substituted (1.7.1994) by S.I. 1994/1696, reg. 14(3)

F2 Words in s. 33 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 20(a) (with art. 7)

F3 Words in s. 33(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 20(b) (with art. 7)

F4 Words in s. 33(2) sustituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 20(c)(i) (with art. 7)

F5 Words in s. 33(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 20(c)(ii) (with art. 7)

Modifications etc. (not altering text)

C2 S. 33 modified by S.I. 1983/224, reg. 3(1)

C3 S. 33(1)(2): power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 22