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Version Superseded: 01/12/2001
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Insurance Companies Act 1982 (repealed), Section 40 is up to date with all changes known to be in force on or before 28 August 2024.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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(1)The [F1Treasury] may, in the case of a company on which a requirement has been imposed under section 39 above or under section 31 of the M1Insurance Companies Act 1974, impose an additional requirement that the whole or a specified proportion of the assets to which the requirement under that section applies shall be held by a person approved by [F2the Treasury]for the purposes of the requirement under this section as trustee for the company.
(2)Section 39(4) above shall apply also to a requirement under this section.
(3)Assets of a company held by a person as trustee for a company shall be taken to be held by him in compliance with a requirement imposed under this section if, and only if, they are assets in whose case the company has given him written notice that they are to be held by him in compliance with such a requirement or they are assets into which assets in whose case the company has given him such written notice have, by any transaction or series of transactions, been transposed by him on the instructions of the company.
(4)No assets held by a person as trustee for a company in compliance with a requirement imposed under this section shall, so long as the requirement is in force, be released except with the consent of the [Treasury].
(5)If a mortgage or charge is created by a company at a time when there is in force a requirement imposed on the company by virtue of this section, being a mortgage or charge conferring a security on any assets which are held by a person as trustee for the company in compliance with the requirement, the mortgage or charge shall, to the extent it confers such a security, be void against the liquidator and any creditor of the company.
Textual Amendments
F1Word in s. 40 substituted (5.1.1998) by S.I. 1998/2781, art. 8(1), Sch. Pt. I para. 24(a) (with art. 7)
F2Words in s. 40 substituted (5.1.1998) by S.I. 1998/2781, art. 8(1), Sch. Pt. I para. 24(b) (with art. 7)
Modifications etc. (not altering text)
C2S. 40: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 26
Marginal Citations
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