http://www.legislation.gov.uk/uksi/1989/1952/contents/made

The Insurance Companies (Accounts and Statements) (Amendment) Regulations 1989

Business finance

King's Printer of Acts of Parliament

2011-07-04

INSURANCE

INDUSTRIAL ASSURANCE

These Regulations amend the Insurance Companies (Accounts and Statements) Regulation 1983 by adding a new sub-paragraph (e) to paragraph 6 of Schedule 6. The effect of the amendment is to require, in the case of a company to which section 31A of the Insurance Companies Act 1982 applies, the inclusion, in the certificate required to be given by regulation 26(a), of a statement that the company has fully complied with the requirements of that section. The section, which was added to the 1982 Act by section 136 of the Financial Services Act 1986 (c. 60) and which came into force on 29th April 1988, requires an insurance company, whether established within or outside the United Kingdom, which carries on long term insurance business in the United Kingdom to secure that adequate arrangements are in force for securing that transactions affecting the assets of the company (other than transactions outside its control) do not operate unfairly between the section 28 fund on funds and the other assets of the company or, in a case where the compnay has more than one identified fund, between those funds. Subsection (2) of section 31A defines the expressions “the section 28 fund or funds” and “identified funds”.