Part II Regulation of Insurance Companies
Powers of intervention
38 Requirements about investments.
(1)
The Secretary of State may require a company—
(a)
not to make investments of a specified class or description;
(b)
to realise, before the expiration of a specified period (or such longer period as the Secretary of State may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed.
(2)
A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund or funds maintained by the company in respect of its long term business or so as to apply only to other investments.
(3)
A requirement under this section shall not apply to the assets of a company so far as their value exceeds—
(a)
in the case of a company
F1(i)
whose head office is in an EFTA State, or
(ii)
which has in accordance with section 9(2) above made a deposit in an EEA State other than the United Kingdom, or
(iii)
which is a Swiss general insurance company,
the amount of the liabilities of the business carried on by the company in the United Kingdom;
(b)
in any other case, the amount of the liabilities of the company;
that value and amount being determined in accordance with any applicable valuation regulations.