Modifications etc. (not altering text)
C1Pt. 13 Ch. 2 restricted (with effect in accordance with s. 105(1) of the affecting Act) by Finance Act 1996 (c. 8), Sch. 13 para. 3(2) (with Sch. 13 para. 16)
Valid from 11/05/2001
(1)This section supplements section 552 and shall be construed as one with it.
(2)Where the obligations under any policy or contract of the body that issued, entered into or effected it (“the original insurer”) are at any time the obligations of another body (“the transferee”) to whom there has been a transfer of the whole or any part of a business previously carried on by the original insurer, section 552 shall have effect in relation to that time, except where the chargeable event—
(a)happened before the transfer, and
(b)in the case of a death or an assignment, is an event of which the notification mentioned in subsection (6) or (7) of that section was given before the transfer,
as if the policy or contract had been issued, entered into or effected by the transferee.
(3)Where, in consequence of section 546C(7)(a), paragraph (a) or (b) of section 552(1) requires certificates to be delivered in respect of two or more surrenders, happening in the same year, of part of or a share in the rights conferred by the policy or contract, a single certificate may be delivered under the paragraph in question in respect of all those surrenders (and may treat them as if they together constituted a single surrender) unless between the happening of the first and the happening of the last of them there has been—
(a)an assignment of part of or a share in the rights conferred by the policy or contract; or
(b)an assignment, otherwise than for money or money’s worth, of the whole of the rights conferred by the policy or contract.
(4)Where the appropriate policy holder is two or more persons—
(a)section 552(1)(a) requires a certificate to be delivered to each of them; but
(b)nothing in section 552 or this section requires a body to deliver a certificate under subsection (1)(a) of that section to any person whose address has not been provided to the body (or to another body, at a time when the obligations under the policy or contract were obligations of that other body).
(5)A certificate under section 552(1)(b) or (3)—
(a)shall be in a form prescribed for the purpose by the Board; and
(b)shall be delivered by any means prescribed for the purpose by the Board;
and different forms, or different means of delivery, may be prescribed for different cases or different purposes.
(6)The Board may by regulations make such provision as they think fit for securing that they are able—
(a)to ascertain whether there has been or is likely to be any contravention of the requirements of section 552 or this section; and
(b)to verify any certificate under that section.
(7)Regulations under subsection (6) above may include, in particular, provisions requiring persons to whom premiums under any policy are or have at any time been payable—
(a)to supply information to the Board; and
(b)to make available books, documents and other records for inspection on behalf of the Board.
(8)Regulations under subsection (6) above 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.]
Textual Amendments
F1Ss. 552, 552ZA substituted for s. 552 (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 18