Section 34 Companies supervised in other member States.

United Kingdom

(1)

An insurance company to which this Part of this Act applies—

F1(a)

whose head office is in an EEA State other than the United Kingdom, or

(b)

which has in accordance with section 9(2) above made a deposit in such a State, or

F2or

(c)

which is a Swiss general insurance company,

shall secure that the value of the assets of the business carried on by it in the United Kingdom does not fall below the amount of the liabilities of that business, that value and amount being determined in accordance with any applicable valuation regulations.

(2)

In the case of a company that carries on in the United Kingdom both long term and general business subsection (1) above shall have effect separately in relation to the assets and liabilities of the two kinds of business.

Annotations

Textual amendments

F1: S. 34(1)(a)(b) substituted (1.7.1994) by S.I. 1994/1696, reg. 15
F2: S. 34(1)(c) and the preceding word “or” inserted ((5.1.1994) by S.I. 1993/3127, reg. 3(4)

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)

Notes on Part II

Modifications

C1

Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65

Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)