Companies Act 1985

720 Certain companies to publish periodical statement. E+W+S

(1) Every company, being an [F1 insurer] or a deposit provident or benefit society, shall before it commences business, and also on the first Monday in February and the first Tuesday in August in every year during which it carries on business, make a statement in the form set out in Schedule 23, or as near to it as circumstances admit.

(2) A copy of the statement shall be put up in a conspicuous place in the company’s registered office, and in every branch office or place where the business of the company is carried on.

(3) Every member and every creditor of the company is entitled to a copy of the statement, on payment of a sum not exceeding 2 1/2 pence.

(4) If default is made in complying with this section, the company and every officer of it who is in default is liable to a fine and, for continued contravention, to a daily default fine.

(5) For purposes of this Act, a company which carries on the business of insurance in common with any other business or businesses is deemed an [F2 insurer].

[F3 (6) This section does not apply to an insurer which is—

(a) an insurance company which is subject to, and complies with, rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000 as to the accounts and balance sheet to be prepared annually and deposited; or

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, if the firm complies with the provisions of law of its home State as to the accounts and balance sheets to be prepared annually and deposited.]

(7) The Secretary of State may, by regulations in a statutory instrument (subject to annulment in pursuance of a resolution of either House of Parliament), alter the form in Schedule 23.

[F4 F4 (8) For the purposes of this section—

(a) “insurer” means a person who effects or carries out contracts of insurance in the United Kingdom; and

(b) “contract of insurance” includes a contract of insurance under which the benefits provided by the insurer are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle.

F4 (9) Subsection (8) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that Schedule; and

(c) Schedule 2 to that Act.]

Textual Amendments

F1 Word in s. 720(1) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 27(1)(2)

F2 Word in s. 720(5) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 27(1)(3)

F3 S. 720(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 27(1)(4)

F4 S. 720(8)(9) inserted (1.12.2001) by S.I. 2001/3649, arts. 1, 27(1)(5)

Modifications etc. (not altering text)

C1 S. 720 applied with modifications by S.I. 1985/680, regs. 4–6, Sch.

C2 S. 720 excluded (1.7.1994) by S.I. 1994/1696, reg. 68, Sch. 8 Pt. I para. 9(6)