The interest or dividends accruing due on a sum deposited with the Accountant General of the Supreme Court by any company under section 2 of the M1Assurance Companies Act 1909 or paragraph 1 of Schedule 2 to this Act, on securities in which a sum so deposited is for the time being invested or on securities so deposited shall be paid to the company.

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

20Regulations as to deposits.

F1(1)

Regulations may be made with respect to applications for warrants, to the payment of deposits, the laying out thereof at interest or the investment thereof by the Accountant General in securities or the transfer thereof to one of the funds established by schemes made under F2section 42 of the Administration of Justice Act 1982, and other dealing therewith, to the deposit of securities in lieu of money, to the payment of interest or dividends from time to time accruing due on deposits or any securities in which they are for the time being invested, or on any securities deposited in lieu of money, and to the withdrawal and transfer of deposits.

F3(2)

The regulations made under the foregoing subsection in respect of the withdrawal of deposits shall include provision for allowing an insurance company to withdraw any deposit made by it if the F4Industrial Assurance CommissionerF5is satisfied in manner provided by the regulations—

(a)

in the case of a company carrying on general business, whether with or without long term business, that the value of the company’s assets exceeds the amount of its liabilities by F6£50,000; or

(b)

in the case of a company carrying on long term business but not general business, either that it has a paid up share capital of fifty thousand pounds or more, or—

(i)

in the case of a company required to keep a separate fund or funds, that the value of the assets of the fund or of each such fund exceeds the amount of the liabilities to which it may be applied and that the excess, or, where more than one such fund is kept, the aggregate excess, is not less than fifty thousand pounds;

(ii)

in the case of a company not so required, that the value of the company’s assets exceeds the amount of its liabilities by fifty thousand pounds.

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

21—24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

25, 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

32

(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

33

(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

2)—(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

34Provisions as to regulations.

(1)

The F1Treasury may make regulations under this Act for any purpose for which regulations are authorised or required to be made thereunder.

(2)

Any power conferred by this Act to make regulations shall be exercisable by statutory instrument.

(3)

Any statutory instrument containing regulations made under this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament:

. . . F2

(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

36Consequential amendments, repeals, revocations and transitional provisions.

(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

2), (3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(4)

In so far as any instrument made or other thing done under an enactment repealed or revoked by this Act could have been made or done under a corresponding enactment in this Act, it shall not be invalidated by the repeals and revocations effected by the foregoing provisions of this section but shall have effect as if it had been made or done under that corresponding enactment.

Without prejudice to the generality of the foregoing provisions of this subsection, where an enactment repealed by this Act confers power to make rules but the corresponding enactment in this Act confers power to make regulations, rules made under the first-mentioned enactment in force at the commencement of this Act shall be deemed to be regulations and not rules, and references to rules made thereunder in an enactment not repealed by this Act shall be construed accordingly.

(5)

Any enactment or other document whatsoever referring to any enactment repealed or revoked by this Act shall be construed as referring (or including a reference) to the corresponding enactment in this Act.

Without prejudice to the generality of the foregoing provisions of this subsection, any enactment or document whatsoever referring to an assurance company within the meaning of the M1Assurance Companies Act 1909, shall be construed as referring (or as including a reference) to an insurance company to which this Act applies.

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(7)

The mention of particular matters in this section shall not be held to prejudice or affect the general application of section thirty-eight of the M2Interpretation Act 1889, with regard to the effect of repeals; and the said section thirty-eight shall apply in relation to revocations effected by this Act as it applies in relation to repeals.

37Short title, commencement and extent.

(1)

This Act may be cited as the Insurance Companies Act 1958.

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(3)

This Act shall not extend to Northern Ireland.

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

3), (4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

6)–(9)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

Insurance Companies Act 1958 (repealed)

Annotations to the whole text

Textual amendments

Contents