Paragraph 17 Transfers of general business

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.2, para.11 amended by Insurance Companies (Accounts and Statements) 1997 reg.6(1)
Sch.2, para.13(4) amended by Insurance Companies (Accounts and Statements) 1997 reg.6(2)
Sch.2, para.17(1)(b) amended by Insurance Companies (Accounts and Statements) 1997 reg.6(3)
Sch.2, para.19(1) rev.in pt. by Insurance Companies (Accounts and Statements) 1997 reg.7(2)
Sch.2, para.19(2) amended by Insurance Companies (Accounts and Statements) 1997 reg.7(3)
Sch.2, para.20 amended by Insurance Companies (Accounts and Statements) 1997 reg.8
Sch.2, para.24(3)(b) substituted by Insurance Companies (Accounts and Statements) 1997 reg.9
Sch.2, para.3(4)(b) amended by Insurance Companies 1998 reg.6(2)
Sch.2, para.3(6) added by Insurance Companies 1998 reg.6(3)
Sch.2, para.5(1)(a) amended by Insurance Companies 1998 reg.7

(1)

If, during the financial year, policies already effected by another insurance company have been transferred to the company, it shall state, in respect of each accounting class, the following by way of supplementary note to Form 23 and 24—

(a)

the date of the transfer;

(b)

whether the transfer was approved by the Secretary of State under Part II of Schedule 2C to the Act or was effected by novation;

(c)

any amounts included in premiums and claims in respect of consideration for the transfer;

(d)

amounts required to be stated under sub-paragraph (c) above analysed by risk group and business category;

(e)

the earliest and latest dates upon which the relevant policies incept; and

(f)

whether or not any of the policies has a duration of longer than 12 months and, if so, the date by which all policies will have expired.

(2)

Sub-paragraph (1) above shall not apply in respect of any transfer by way of novation unless the amounts mentioned in sub-paragraph (1)(c) exceed in aggregate 2½ per cent. of the company’s gross premium income for the financial year in question.