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Insurance Companies Act 1982 (repealed)

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Changes over time for: Section 48

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Version Superseded: 05/01/1998

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Point in time view as at 01/02/1991. This version of this provision has been superseded. Help about Status

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Insurance Companies Act 1982 (repealed), Section 48 is up to date with all changes known to be in force on or before 11 November 2024.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. Help about Changes to Legislation

48 Power of Secretary of State to bring civil proceedings on behalf of insurance company.U.K.

(1)[F1Section 438(1) of the Companies Act] (power of Secretary of State to bring civil proceedings on behalf of body corporate) shall have effect in relation to an insurance company to which this Part of this Act applies (whether or not a body corporate) as if the reference to any information or document obtained under the provisions there mentioned included a reference to any information or document obtained under this Act or any enactment repealed by this Act or by the M1Insurance Companies Act 1974.

(2)The Secretary of State may bring civil proceedings in the name and on behalf of an insurance company to which this Part of the Act applies (whether or not a body corporate) under [F2Article 431(1) of the Companies (Northern Ireland) Order 1986] and that subsection shall have effect in relation to such an insurance company as if the reference to any information or document obtained under the provisions there mentioned included a reference to any information or document obtained under this Act or any enactment repealed by this Act or by the M2Insurance Companies Act 1980 and any reference to the Department of Commerce for Northern Ireland were a reference to the Secretary of State.

(3)Where under a judgment given or decree pronounced in proceedings brought by virtue of [F3section 438(1) of the Companies Act] or [F4Article 431(1) of the said Order of 1986] on behalf of an insurance company a sum is recovered in respect of a loss of assets representing a fund or funds maintained by the company in respect of its long term business the court shall direct that the sum shall be treated for the purposes of this Act as assets of that fund or those funds and this Act shall have effect accordingly.

Textual Amendments

F2Words expressed to be substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II

F4Words substituted by S.I. 1986/1035, (N.I. 9), art. 23, Sch. 1 Pt. II

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