The Insurance Companies Regulations 1981 (Amendment) Regulations 1991

Statutory Instruments

1991 No. 1999

INSURANCE

The Insurance Companies Regulations 1981 (Amendment) Regulations 1991

Made

3rd September 1991

Laid before Parliament

10th September 1991

Coming into force

2nd October 1991

The Secretary of State, in exercise of his powers under sections 78 and 97 of the Insurance Companies Act 1982(1) and of all other powers enabling him in that behalf, hereby makes the following Regulations:–

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Insurance Companies Regulations 1981 (Amendment) Regulations 1991 and shall come into force on 2nd October 1991.

(2) In these Regulations, “the principal regulations” means the Insurance Companies Regulations 1981(2).

Amendment of Schedule 13 to the principal regulations

2.  The following shall be substituted for sub-paragraph (a) of paragraph 1A of Schedule 13 to the principal regulations–

“(a) Securities of a company in which dealings on the exchange are allowed by an exchange which is a recognised investment exchange within the meaning of the Financial Services Act 1986(3) or which are dealt in on a regulated market in another member State which operates regularly and is recognised and open to the public.”

John Redwood

Minister of State,

Department of Trade and Industry

3rd September 1991

Explanatory Note

(This note is not part of the Regulations)

The Regulations replace sub-paragraph (a) of Paragraph 1A of Schedule 13 to the Insurance Companies Regulations 1981 with a new sub-paragraph. The old sub-paragraph permitted the benefits payable under linked contracts to be determined by reference to securities of a company which could be dealt in on the Stock Exchange (otherwise than as listed securities) without prior permission for individual transactions from the Council of The Stock Exchange and without limit as to the time during which the facilities for dealing were available. The new sub-paragraph will permit benefits to be determined by reference to securities of a company in which dealings on the exchange are permitted by a recognised investment exchange for the purposes of the Financial Services Act 1986 or which are dealt in on a regulated market in another member State which has the characteristics described in regulation 2 of the Regulations.

(1)

1982 c. 50.

(2)

S.I. 1981/1654. The Insurance Companies Regulations 1981 have been amended in several respects which are not relevant for the purposes of the present Regulations. They have also been amended in a respect which is relevant. Paragraph 1A of Schedule 13 to the Insurance Companies Regulations 1981, sub-paragraph (a) of which is replaced by regulation 2 of the present Regulations, was inserted by S.I. 1982/675.

(3)

1986 c. 60.