http://www.legislation.gov.uk/uksi/2016/1194/contents/2016-12-30

The Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016

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FINANCIAL SERVICES AND MARKETS

Statute Law Database

2023-09-26

Expert Participation

2016-12-30

These Regulations amend Part 23 of the Companies Act 2006 (c. 46). Part 23 restricts the amount of assets which a company may distribute to its shareholders, and the provisions relating to life insurance companies need updating as a consequence of the coming into force of Directive 2009/138/EC of the European Parliament and of the Council of 25th November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L335, 17.12.2009, p.1). These regulations therefore insert a new section 833A into Part 23 for life insurance companies regulated in accordance with that directive and make various other minor amendments to Part 23.