Section 33 Failure to maintain minimum margin.C1

If—

falls below such amount as may be prescribed by or determined in accordance with regulations made for the purposes of this section, the company shall at the request of the F2Treasury submit to F3them a short-term financial scheme.

An insurance company that has submitted a scheme to the Treasury under subsection (1) above shall propose modifications to the scheme (or the scheme as previously modified) if the TreasuryF4consider it inadequate, and shall give effect to any scheme accepted by F5the Treasury as adequate.

Where a company is required by virtue of section 32(6) above to maintain separate margins in respect of long term and general business, subsection (1) above shall have effect as if any reference to the margin of solvency, the United Kingdom margin of solvency or the EEA margin of solvency of the company were a reference to the margin in respect of either of the two kinds of business.