431E Overseas life assurance business: regulations.U.K.
(1)The Board may by regulations make provision for giving effect to section 431D.
(2)Such regulations may, in particular—
(a)provide that, in such circumstances as may be prescribed, any prescribed issue as to whether business is or is not overseas life assurance business (or overseas life assurance business of a particular kind) shall be determined by reference to such matters (including the giving of certificates or undertakings, the giving or possession of information or the making of declarations) as may be prescribed,
(b)require companies to obtain certificates, undertakings, information or declarations from policy holders or annuitants, or from trustees or other companies, for the purposes of the regulations,
(c)make provision for dealing with cases where any issue such as is mentioned in paragraph (a) above is (for any reason) wrongly determined, including provision allowing for the imposition of charges to tax (with or without limits on time) on the insurance company concerned or on the policy holders or annuitants concerned,
(d)require companies to supply information and make available books, documents and other records for inspection on behalf of the Board, and
(e)make provision (including provision imposing penalties) for contravention of, or non-compliance with, the regulations.
(3)The regulations may—
(a)make different provision for different cases, and
(b)contain such supplementary, incidental, consequential or transitional provision as appears to the Board to be appropriate.