Insurance Companies Act 1982 (repealed)

47 Rescission, variation and publication of requirements. U.K.

(1) The [F1 Treasury] may rescind a requirement imposed under sections 38 to 45 above if it appears to [F2 them]that it is no longer necessary for the requirement to continue in force, and may from time to time vary any such requirement.

[F3 (1A) The Secretary of State may rescind a requirement imposed by him under section 44 above if it appears to him that it is no longer necessary for the requirement to continue in force, and may from time to time vary any such requirement.]

(2) No requirement imposed by virtue of subsection (5) of section 37 above shall be varied after the expiration of the period of five years mentioned in that subsection except in a manner which relaxes that requirement.

(3) Where a requirement is imposed under section 40 above or any such requirement is rescinded or varied the [F1 Treasury] shall forthwith serve—

(a) except where paragraph (b) below applies, on the registrar of companies or on the registrar of companies in Northern Ireland or on both;

(b) if the requirement is imposed on a registered society, on the appropriate registrar as defined by section 73(1) of the M1 Industrial and Provident Societies Act 1965 in the case of a society registered in Great Britain or on the registrar as defined by section 101(1) of the M2 Industrial and Provident Societies Act (Northern Ireland) 1969 in the case of a society registered in Northern Ireland;

a written notice stating that fact and, in the case of a notice of the imposition of a requirement, setting out the terms of the requirement, in the case of a notice of the rescission of a requirement, identifying the requirement and, in the case of a notice of a variation of a requirement, identifying the requirement and setting out the terms of the variation.

(4) A notice served in pursuance of subsection (3) above on the registrar of companies or the registrar of companies in Northern Ireland shall be open to inspection, and a copy thereof may be procured by any person on payment of such fee as the Secretary of State or, in the case of a notice served on the registrar of companies in Northern Ireland, the Department of Commerce for Northern Ireland may direct; and every document purporting to be certified by the registrar of companies or the registrar of companies in Northern Ireland to be a copy of such a notice shall be deemed to be a copy of that notice and shall be received in evidence as if it were the original notice unless some variation between it and the original is proved.

(5) Section 71(1) of the said Act of 1965 (which empowers the Treasury to make regulations respecting, among other things, the inspection of documents kept by the appropriate registrar under that Act) and section 97(1) of the said Act of 1969 (which confers corresponding powers on the Department of Commerce for Northern Ireland) shall have effect as if the reference to documents so kept included a reference to notices served in pursuance of subsection (3) above on the appropriate registrar or, as the case may be, on the registrar.

Textual Amendments

F1 Words in s. 47(1)(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 34(a) (with art. 7)

F2 Words in s. 47(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 34(b)(with art. 7)

F3 S. 47(1A) inserted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 34(c)(with art. 7)

Modifications etc. (not altering text)

C2 S. 47(1)(3): power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 34

S. 47(1): certain functions to be exercised by the Secretary of State and the Treasury concurrently (5.1.1998) by S.I. 1997/2781, art. 4(1)(c)

Marginal Citations

M1 1965 c. 12.

M2 1969 c. 24