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Insurance Companies Act 1982 (repealed)
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- 1982 c. 50
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- Section 85
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Insurance Companies Act 1982 (repealed), Section 85 is up to date with all changes known to be in force on or before 11 November 2024.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.
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85 Lloyd’s underwriters —transfer of business.U.K.
(1)[F1Schedule 2C to this Act]shall apply in relation to transfers to and from members of Lloyd’s if, and only if, the conditions specified in subsection (2) below are satisfied.
(2)The conditions referred to in subsection (1) above are—
(a)that the transfer is not one where both the transferor and the transferee are members of Lloyd’s;
(b)that the Committee of Lloyd’s have by resolution authorised one person to act in connection with the transfer for the members concerned as transferor or transferee;
(c)that a copy of the resolution has been given to the [F2Treasury].
(3)Where [F3the provisions of Part I or II of Schedule 2C to this Act] apply in relation to a transfer to or from members of Lloyd’s they shall apply as if—
[F4(a)references to a 'UK company’ included references to members of Lloyd’s;]
(b)anything done in connection with the transfer by the person authorised in accordance with subsection (2)(b) above had been done by the members for whom he acted.
[F5(4)Section 52A above shall apply as if the reference in subsection (1) to a UK company included a reference to members of Lloyd’s.]
[F6(5)In this section references to a member of Lloyd’s include references to a former underwriting member of Lloyd’s (within the meaning of the Lloyd’s Act 1982) who has ceased to be a member of Lloyd’s, whether by resignation or otherwise, in accordance with the Lloyd’s Act 1982 and any byelaw made thereunder.]
Textual Amendments
F1Words in s. 85(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(a)
F2Words in s. 85(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 48 (with art. 7)
F3Words in s. 85(3) substituted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(b)
F4S. 85(3)(a) substituted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(b)
F5S. 85(4) inserted (1.7.1994) by S.I. 1994/1696, reg. 48(2)(c)
F6S. 85(5) inserted (24.12.1996) by S.I. 1996/3011, reg. 7
Modifications etc. (not altering text)
C1S. 85: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 54
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