EXPLANATORY NOTE
(This note is not part of the Regulations)
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.
An impact assessment has not been produced for this instrument as no impact on the voluntary sector, and no additional burden on the private sector, is foreseen.