PART IIAMENDMENTS OF 1982 ACT
CHAPTER IIREGULATION OF INSURANCE COMPANIES
Powers of intervention
Maintenance of assets in the United Kingdom21
1
For subsection (1) of section 39 of the 1982 Act (maintenance of assets in the United Kingdom) substitute—
1
The Secretary of State may require—
a
in the case of a UK company, that assets of the company of a value which at any time is equal to the whole or a specified proportion of the amount of its EC liabilities shall be maintained in the European Community; and
b
in the case of an insurance company which is not a UK company, that assets of a value which at any time is equal to the whole or a specified proportion of the amount of its domestic liabilities shall be maintained in the United Kingdom.
2
In subsection (2) of that section, for the words “as assets maintained in the United Kingdom” substitute—
a
in the case of a UK company, as assets maintained in the European Community; and
b
in the case of an insurance company which is not a UK company, as assets maintained in the United Kingdom
3
In subsection (3) of that section, for the words “domestic liabilities” substitute the words “EC or domestic liabilities”.
4
For subsection (5) of that section substitute—
5
In this section—
a
any reference to an EC liability is a reference to a liability of the business carried on by the company in the European Community; and
b
any reference to a domestic liability is a reference to a liability of the business carried on by the company in the United Kingdom.