Insurance Companies Act 1982 (repealed)

1982 c. 50 · Enacted 28 October 1982 · Extends to United Kingdom

Contents

1. Part I: Restriction on Carrying on Insurance Business
2. Preliminary
3. 1Classification.
4. 2Restriction on carrying on insurance business.
5. Authorised insurance companies
6. 3Authorisation by Secretary of State.
7. 4Existing insurance companies.
8. Applications for authorisation
9. 5Submission of proposals etc.
10. 6Combination of long term and general business.
11. 7United Kingdom applicants.
12. 8Applicants from other member States.
13. 9Applicants from outside the Community.
14. 10General representatives.
15. Withdrawal of authorisation
16. 11Withdrawal of authorisation in respect of new business.
17. 12Notices of withdrawal under section 11.
18. 12ASuspension of authorisation in urgent cases.
19. 13Final withdrawal of authorisation.
20. Offences
21. 14Offences under Part I.
22. Part II: Regulation of Insurance Companies
23. Preliminary
24. 15Insurance companies to which Part II applies.
25. 16Restriction of business to Insurance.
26. Accounts and statements
27. 17Annual accounts and balance sheets.
28. 18Periodic actuarial investigation of company with long term business.
29. 19Appointment of actuary by company with long term business.
30. 20Annual statements by company with prescribed class of insurance business.
31. 21Audit of accounts.
32. 21ACommunication by auditor with Secretary of State.
33. 22Deposit of accounts etc. with Secretary of State.
34. 23Right of shareholders and policy holders to receive copies of deposited documents.
35. 24Deposit of accounts etc. by registered society.
36. 25Periodic statements by company with prescribed class of business.
37. 26Statements of transactions of prescribed class or description.
38. 27Companies from outside the Community.
39. Assets and liabilities attributable to long term business
40. 28Separation of assets and liabilities attributable to long term business.
41. 29Application of assets of company with long term business.
42. 30Allocations to policy holders.
43. 31Restriction on transactions with connected persons.
44. 31AArrangement to avoid unfairness between separate insurance funds etc.
45. Financial resources
46. 32Margins of solvency.
47. 33Failure to maintain minimum margin.
48. 34Companies supervised in other member States.
49. 34AGeneral business: equalisation reserve.
50. 35Form and situation of assets.
51. 35AAdequacy of assets.
52. 35BAdequacy of premiums: long term business.
53. Liabilities of unlimited amount
54. 36Avoidance of contracts for unlimited amounts.
55. Powers of intervention
56. 37Grounds on which powers are exercisable.
57. 38Requirements about investments.
58. 39Maintenance of assets in the United Kingdom.
59. 40Custody of assets.
60. 40AProhibition on disposal of assets.
61. 41Limitation of premium income.
62. 42Actuarial investigations.
63. 43Acceleration of information required by accounting provisions.
64. 43AGeneral investigations.
65. 44Power to obtain information and require production of documents.
66. 44AEntry and search of premises.
67. 45Residual power to impose requirements for protection of policy holders.
68. 46Notice of proposed exercise of powers on ground of unfitness of certain persons.
69. 47Rescission, variation and publication of requirements.
70. 47ARestriction on disclosure of information.
71. 47BPrivilege from disclosure.
72. 48Power of Secretary of State to bring civil proceedings on behalf of insurance company.
73. Transfers of long term business
74. 49Transfers of long term and general general business.
75. 49ATransfer of long term business to friendly society.
76. 49BModifications of section 49 in certain cases.
77. 50Provisions supplementary to section 49.
78. Transfers of general business
79. 51Approval of transfers of general business.
80. 52Effect of approval under section 51.
81. 52AIssue of certificates by Secretary of State.
82. 52BEffect of transfers authorised in other EEA States.
83. Winding up
84. 53Winding up of insurance companies under Companies Acts.
85. 54Winding up on petition of Treasury.
86. 55Winding up of insurance companies with long term business.
87. 56Continuation of long term business of insurance companies in liquidation.
88. 57Subsidiary companies.
89. 58Reduction of contracts as alternative to winding up.
90. 59Winding up rules.
91. Changes of director, controller or manager etc.
92. 60Approval of proposed managing director or chief executive of insurance company.
93. 61Approval of person proposing to become controller of insurance company where section 60 does not apply.
94. 61AApproval of acquisition of notifiable holding in UK company.
95. 61BFurther provisions with respect to controllers of UK companies.
96. 62Duty to notify change of director, controller or manager.
97. 63Change of manager etc. of company from outside United Kingdom.
98. 63ADuty to notify change of control
99. 64Duty to notify change of main agent.
100. Miscellaneous
101. 65Documents deposited with Secretary of State.
102. 66Documents deposited in Northern Ireland.
103. 67Power to treat certain business as or as not being ordinary long-term insurance business.
104. 68Power to modify Part II in relation to particular companies.
105. 69Power to alter insurance company’s financial year.
106. 70Service of notices.
107. 71Offences under Part II.
108. Part III: Conduct of Insurance Business
109. 72Insurance advertisements.
110. 72AInformation for policy holders of UK insurers and EC companies.
111. 72BInformation for policy holders of EFTA companies.
112. 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
113. 74Intermediaries in insurance transactions.
114. 75Statutory notice by insurer in relation to long term policy.
115. 76Right to withdraw from transaction in respect of long term policy.
116. 77Service of notice of cancellation.
117. 78Linked long term policies.
118. 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
119. 80Capital redemption business.
120. 81Penalties and offences under Part III.
121. Part IIIA: RECOGNITION IN ACCORDANCE WITH INSURANCE DIRECTIVES
122. Introduction
123. 81ARecognition in the United Kingdom of EC and EFTA companies.
124. Provision of insurance in the United Kingdom
125. 81BRecognition in other EEA States of UK insurers.
126. 81CInformation to be given to policy holder.
127. 81CCAdditional requirements with respect to relevant motor vehicle risks.
128. 81DPowers of intervention
129. 81EPower to require information.
130. 81FWithdrawal of authorisation.
131. Provision of insurance in another member State
132. 81GNotification to Secretary of State.
133. 81HIssue of certificates by Secretary of State.
134. 81IProvisions as to transfer of business.
135. Supplementary provisions
136. 81JOffences under Part IIIA.
137. Part IV: Special Classes of Insurers
138. 82Industrial assurance business.
139. 83Requirements to be complied with by Lloyd’s underwriters.
140. 83ALloyd’s underwriters— insurance Directives.
141. 84Lloyd’s underwriters —financial resources.
142. 85Lloyd’s underwriters —transfer of business.
143. 86Statement of business by Committee of Lloyd’s.
144. 87Companies established outside the United Kingdom.
145. 88Unregistered companies.
146. 89Insurance companies formed before 1967 in contravention of section 434 of the Companies Act
147. Part V: Supplementary Provisions
148. Valuation regulations
149. 90Power to make valuation regulations.
150. Criminal proceedings
151. 91Criminal liability of directors.
152. 92Criminal proceedings against unincorporated bodies.
153. 93Restriction on institution of prosecutions.
154. 94Summary proceedings.
155. Law applicable to certain contracts of insurance
156. 94BLaw applicable to certain contracts of insurance.
157. Fees
158. 94AFees.
159. Interpretation
160. 95Insurance business.
161. 96General interpretation.
162. 96AInterpretation of expressions derived from . . . insurance Directives.
163. 96BMeaning of “large risks”.
164. 96CMeaning of 'controller’etc.
165. 96DMeanings of 'manager’ and 'chief executive’.
166. 96EMeaning of 'main agent’.
167. 96FMeaning of 'claims representative’.
168. Supplementary
169. 97Regulations and orders.
170. 98Annual report by Treasury.
171. 99Savings, transitionals, consequential amendments and repeals.
172. 100Short title, commencement and extent.
173. Schedule 1Classes of Long Term Business
174. Schedule 2: General Business
175. IClasses
176. IIGroups of Classes
177. Schedule 2A: CRITERIA OF SOUND AND PRUDENT MANAGEMENT
178. Integrity and skill
179. 1Paragraph 1
180. 2Paragraph 2
181. 3Paragraph 3
182. Direction and management of the insurance company
183. 4Paragraph 4
184. Business to be conducted in a sound and prudent manner
185. 5Paragraph 5
186. 6Paragraph 6
187. 7Paragraph 7
188. 8Paragraph 8
189. 9Paragraph 9
190. Schedule 2B]: RESTRICTION ON DISCLOSURE OF INFORMATION
191. Part I: INFORMATION RELATING TO UK, EC AND NON-EC COMPANIES
192. Restriction on disclosure
193. 1Paragraph 1
194. Disclosure for facilitating discharge of functions by Secretary of State
195. 2Paragraph 2
196. Disclosure for facilitating discharge of functions by other regulatory authorities
197. 3Paragraph 3
198. Other permitted disclosures
199. 4Paragraph 4
200. Information supplied by a supervisory authority
201. 5Paragraph 5
202. Part II: INFORMATION RELATING TO OTHER PERSONS
203. Restriction on disclosure
204. 6Paragraph 6
205. Permitted disclosures
206. 7Paragraph 7
207. Schedule [SCHEDULE 2C]: TRANSFERS OF INSURANCE BUSINESS
208. Part I: TRANSFERS OF LONG TERM BUSINESS
209. Sanction of court required
210. 1Paragraph 1
211. Procedure with respect to applications
212. 2Paragraph 2
213. Determination of applications
214. 3Paragraph 3
215. Rights of policy holders
216. 4Paragraph 4
217. Supplementary provisions
218. 5Paragraph 5
219. Part II: TRANSFERS OF GENERAL BUSINESS
220. Approval of Secretary of State required
221. 6Paragraph 6
222. Procedure with respect to applications
223. 7Paragraph 7
224. Determination of applications
225. 8Paragraph 8
226. Rights of policy holders
227. 9Paragraph 9
228. Effect of approval of Secretary of State
229. 10Paragraph 10
230. Schedule [SCHEDULE 2D]: FURTHER PROVISIONS WITH RESPECT TO CONTROLLERS OF UK COMPANIES
231. Provisions supplementing sections 60 to 61A
232. 1Paragraph 1
233. Notice of objection where requisite notice not given
234. 2Paragraph 2
235. Notices imposing conditions
236. 3Paragraph 3
237. Objection to existing controller
238. 4Paragraph 4
239. Restrictions etc. as respects shareholdings
240. 5Paragraph 5
241. Schedule [SCHEDULE 2E]: INFORMATION FOR POLICY HOLDERS OF UK INSURERS AND EC COMPANIES
242. Information before contract of long term insurance
243. 1Paragraph 1
244. Information during contract of long term insurance
245. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
246. Information before contract of general insurance
247. 3Paragraph 3
248. 4Paragraph 4
249. Part: General
250. 5Paragraph 5
251. Schedule 2F]: RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES
252. Part I: EC COMPANIES CARRYING ON BUSINESS ETC. IN THE UNITED KINGDOM
253. Requirements for carrying on direct insurance business
254. 1Paragraph 1
255. 2Paragraph 2
256. Requisite details for purposes of paragraphs 1 and 2
257. 3Paragraph 3
258. Requirements for carrying on reinsurance business
259. 4Paragraph 4
260. 5Paragraph 5
261. Requisite details for purposes of paragraphs 4 and 5
262. 6Paragraph 6
263. Power of Secretary of State where notice given under paragraph 4 or 5
264. 7Paragraph 7
265. Requirements for providing insurance
266. 8Paragraph 8
267. 9Paragraph 9
268. Requisite details for purposes of paragraphs 8 and 9
269. 10Paragraph 10
270. Additional requirements for covering relevant motor vehicle risks
271. 11Paragraph 11
272. Power to prevent disposal of assets
273. 12Paragraph 12
274. Powers to obtain information
275. 13Paragraph 13
276. 14Paragraph 14
277. 14AParagraph 14A
278. Residual power to protect policy holders
279. 15Paragraph 15
280. Powers of intervention
281. 16Paragraph 16
282. Power to withdraw recognition
283. 17Paragraph 17
284. Part II: EFTA COMPANIES PROVIDING INSURANCE IN UNITED KINGDOM
285. Documents to be furnished to the Secretary of State
286. 18Paragraph 18
287. Additional requirements with respect to relevant motor vehicle risks
288. 19Paragraph 19
289. Powers of intervention
290. 20Paragraph 20
291. Power to require information
292. 21Paragraph 21
293. Withdrawal of authorisation
294. 22Paragraph 22
295. Part III: EFTA COMPANIES PROVIDING INSURANCE THROUGH ESTABLISHMENTS IN THE UNITED KINGDOM
296. Notification to Secretary of State
297. 23Paragraph 23
298. Issue of certificates by Secretary of State
299. 24Paragraph 24
300. Part IV: SUPPLEMENTAL
301. Offences
302. 25Paragraph 25
303. Interpretation etc.
304. 26Paragraph 26
305. Gibraltar
306. 27Paragraph 27
307. 28Paragraph 28
308. 29Paragraph 29
309. Schedule 2G: RECOGNITION IN OTHER EEA STATES OF UK INSURERS
310. Part I: UK INSURERS CARRYING ON BUSINESS ETC. IN OTHER MEMBER STATES
311. Requirements for carrying on direct insurance business
312. 1Paragraph 1
313. 2Paragraph 2
314. 3Paragraph 3
315. Requisite details for purposes of paragraphs 1 to 3
316. 4Paragraph 4
317. Requirements for providing insurance
318. 5Paragraph 5
319. 6Paragraph 6
320. Requisite details for purposes of paragraphs 5 and 6
321. 7Paragraph 7
322. Requirement to notify cessation of insurance business etc.
323. 8Paragraph 8
324. Part II: UK INSURERS PROVIDING INSURANCE IN EFTA STATES
325. Notification to Secretary of State
326. 9Paragraph 9
327. Issue of certificates by Secretary of State
328. 10Paragraph 10
329. Part III: UK INSURERS PROVIDING INSURANCE IN THE UNITED KINGDOMTHROUGH BRANCHES IN OTHER EEA STATES
330. 11Paragraph 11
331. Part IV: SUPPLEMENTAL
332. Offences
333. 12Paragraph 12
334. Interpretation
335. 13Paragraph 13
336. Schedule 3: Determination of Premium Limit
337. 1Paragraph 1
338. 2Paragraph 2
339. 3Paragraph 3
340. Schedule 3A: Law applicable to certain contracts of insurance
341. Part II: LONG TERM BUSINESS
342. General rules as to applicable law
343. 6Paragraph 6
344. 7Paragraph 7
345. mandatory rules
346. 8Paragraph 8
347. supplementary provisions
348. 9Paragraph 9
349. 10Paragraph 10
350. Schedule 4: Saving and Transitional Provisions
351. Saving for requirements, directions and powers under the Companies Act 1967
352. 1Paragraph 1
353. Periodic actuarial investigations under section 18 above in relation to any period of twelve months beginning before 1st October 1982
354. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
355. Adjustments of established surplus for purposes of section 30(1) above
356. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
357. Margins of solvency
358. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
359. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
360. Postponement of coming into force of section 36 above
361. 6Paragraph 6
362. Saving for schemes of operation submitted under Insurance Companies (Authorisation and Accounts: General Business) Regulations
363. 7Paragraph 7
364. Saving for requirements under section 29 of the Insurance Companies Act 1974
365. 8Paragraph 8
366. Postponement of effect of sections 37(3) and 38(3) above in respect of long term business
367. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
368. Deposits made with Accountant General before 1st January 1982
369. 10Paragraph 10
370. Continuation of business where contract made before 1st January 1982
371. 11Paragraph 11
372. Applications for approval of transfer made before 1st January 1982
373. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
374. Saving for section 42 of the Insurance Companies Act 1974
375. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
376. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
377. Saving for winding up commenced before rules made under section 365 of the Companies Act or section 317 of the Companies (Northern Ireland) Order 1986
378. 15Paragraph 15
379. Saving for repeal of section 17(2) and (3) of, and Schedules 3 and 4 to, the Insurance Companies Act 1958
380. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
381. Northern Ireland
382. 17Paragraph 17
383. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
384. Continuing offences
385. 19Paragraph 19
386. Transitional provisions relating to sections 9(7), 71(3), 81(2) and 88(2) of this Act
387. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
388. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
389. General
390. 22Paragraph 22
391. 23Paragraph 23
392. 24Paragraph 24
393. Schedule 5: CONSEQUENTIAL AMENDMENTS
394. The Companies Act 1948
395. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
396. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
397. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
398. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
399. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
400. The Companies Act 1967
401. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
402. The Children and Young Persons Act (Northern Ireland) Act 1968
403. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
404. The Employers’ Liability (Compulsory Insurance) Act 1969
405. 8Paragraph 8
406. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
407. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
408. The Employer’s Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972
409. 11Paragraph 11
410. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
411. The Local Government Act 1972
412. 13Paragraph 13
413. The Consumer Credit Act 1974
414. 14Paragraph 14
415. The Solicitors Act 1974
416. 15Paragraph 15
417. The Policyholders Protection Act 1975
418. 16Paragraph 16
419. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
420. The Insurance Brokers (Registration) Act 1977
421. 18Paragraph 18
422. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
423. The Credit Unions Act 1979
424. 20Paragraph 20
425. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
426. The Industrial Assurance (Northern Ireland) Order 1979
427. 22Paragraph 22
428. The Companies Act 1980
429. 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
430. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
431. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
432. The Companies Act 1981
433. 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
434. The Road Traffic (Northern Ireland) Order 1981
435. 27Paragraph 27
436. 28Paragraph 28
437. Schedule 6REPEALS