Section 17 Inspection.

England, Wales and Scotland

F1(1)

If in the opinion of the Commission there is reasonable cause to believe that an offence against this Act or against the Insurance Companies Act 1982 has been or is likely to be committed by an industrial assurance company, the Commission or any inspector appointed by it for the purpose shall have power to examine into and report on the affairs of the company, and for that purpose may exercise in respect of the company all or any of the powers given by Part V of the Friendly Societies Act 1992 to a person appointed by the Commission to investigate a friendly society.

(2)

When it receives the report of a person appointed under subsection (1) above, the Commission may issue such directions and take such steps as it considers necessary or proper to deal with the situation disclosed by the report and in particular may present a petition to the court for the winding up of the company.

(3)

The F2Commission may, if it considers it just, direct that all or any of the expenses of and incidental or preliminary to an inspection under this section shall be defrayed out of the funds of the. . . F3 company, or by the officers or former officers,. . . or board of directors of the. . . company, or any of them in such proportions as the Commission directs and sums directed by it to be so paid shall be recoverable by it summarily as a civil debt: Provided that any. . . company or person directed to pay any part of such expenses may, with the leave of the court, appeal against the direction to the High Court, or in the case of a. . . company registered in Scotland to the Court of Session.

(4)

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Annotations

Textual amendments

F1: S. 17(1)(2) substituted (E.W.S.) (1.2.1993) by Friendly Societies Act 1992 (c. 40), s. 100 (with ss. 7(5), 93(4)), Sch. 19 Pt. I para.6; S.I. 1993/16, art. 2 Sch.3
F2: Words in s. 17(3) substituted (E.W.S.) (1.2.1993 for specified purposes and 28.4.1993 for all remaining purposes) by Friendly Societies Act 1992 (c. 40), s. 100 (with ss. 7(5), 93(4)), Sch. 19 Pt. I para. 5(1)(b)(2)(a); S.I. 1993/16, art. 2, Sch.4; S.I. 1993/1186, art. 2, Sch.2
F3: Words repealed by Friendly Societies Act 1971 (c. 66), Sch. 3
F4: Ss. 17(4), 30(3), 35(2), 46(3)(4), Sch. 5 repealed by Statute Law Revision Act 1950 (c. 6)

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by 2000 c. 8, ss. 416(1)(a), 432(3), Sch. 22; S.I. 2001/3538, art. 2(1) (with savings in S.I. 2001/3647, arts. 3(1)(3), 6, Sch. 1 Pts. I, III as amended (3.7.2002) by S.I. 2002/1555, art. 2)