{
  "url": "https://openlegislation.uk/insurance-companies-act-1982-repealed/section-38",
  "json_url": "https://openlegislation.uk/insurance-companies-act-1982-repealed/section-38.json",
  "legislation": "ukpga/1982/50",
  "legislation_title": "Insurance Companies Act 1982 (repealed)",
  "legislation_url": "https://openlegislation.uk/insurance-companies-act-1982-repealed",
  "path": "section/38",
  "kind": "section",
  "number": "38",
  "heading": "Requirements about investments.",
  "text": "(1) The Treasury may require a company—\n(a) not to make investments of a specified class or description;\n(b) to realise, before the expiration of a specified period (or such longer period as the Treasury may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed.\n(2) A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund or funds maintained by the company in respect of its long term business or so as to apply only to other investments.\n(3) A requirement under this section shall not apply to the assets of a company so far as their value exceeds—\n(a) in the case of a company\n(i) whose head office is in an EFTA State, or\n(ii) which has in accordance with section 9(2) above made a deposit in an EEA State other than the United Kingdom, or\n(iii) which is a Swiss general insurance company,\nthe amount of the liabilities of the business carried on by the company in the United Kingdom;\n(b) in any other case, the amount of the liabilities of the company;\nthat value and amount being determined in accordance with any applicable valuation regulations.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 38 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 23 (with art. 7)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 38(3)(a)(i)(ii)(iii) substituted for words in s. 38(a) (1.7.1994) by S.I. 1994/1696, reg. 20"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 38: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 24"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1982/50/section/38",
    "retrieved_at": "2026-10-29T10:10:47.436123+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."
}