{
  "url": "https://openlegislation.uk/insurance-companies-act-1958-repealed/section-20",
  "json_url": "https://openlegislation.uk/insurance-companies-act-1958-repealed/section-20.json",
  "legislation": "ukpga/Eliz2/6-7/72",
  "legislation_title": "Insurance Companies Act 1958 (repealed)",
  "legislation_url": "https://openlegislation.uk/insurance-companies-act-1958-repealed",
  "path": "section/20",
  "kind": "section",
  "number": "20",
  "heading": "Regulations as to deposits.",
  "text": "(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 section 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.\n(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 Industrial Assurance Commissioneris satisfied in manner provided by the regulations—\n(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 £50,000; or\n(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—\n(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;\n(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.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 20(1) substituted by Administration of Justice Act 1965 (c. 2), Sch. 1"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words substituted by Administration of Justice Act 1982 (c. 53, SIF 34), ss. 46(2)(b), 48"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 20(2) restored in its application to collecting societies as defined in Industrial Assurance Act 1923 (c. 8), s. 1 by Insurance Companies Amendment Act 1973 (c. 58), s. 51"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words substituted retrospectively by Insurance Companies Amendment Act 1973 (c. 58), s. 51"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word substituted by virtue of Insurance Companies Amendment Act 1973 (c. 58), s. 51"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Figures substituted by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 4 Pt. II para. 17"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Ss. 19(2), 20(3) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/Eliz2/6-7/72/section/20",
    "retrieved_at": "2026-10-29T11:12:30.620794+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}