Regulation 2 Grounds for exercising supervisory powers

(1)

In the following provisions of the 1982 Act, namely–

(a)

subsection (2)(aa) of section 11^f1 (withdrawal of authorisation in respect of new business: grounds);

(b)

subsection (2)(b)(ia) of section 37^f2 (powers of intervention: grounds: failure to satisfy obligations);

(c)

subsections (1)(bb) and (2)(bb) of section 54^f3 (winding up on petition of Secretary of State under the Insolvency Act 1986 or corresponding Northern Ireland provisions); and

(d)

section 83A^f4 (Lloyd’s underwriters – insurance Directives),

for the words “general insurance Directives” substitute the words “general or long term insurance Directives”.

Annotations

Footnotes

f1: Section 11(2)(aa) was inserted by S.I. 1990/1333, reg. 8(1).
f2: Section 37(2)(b)(ia) was inserted by S.I. 1990/1333, reg. 8(2).
f3: Section 54 was amended by the Companies Consolidation (Consequential Provisions) Act 1985 (c. 9), Schedule 2, by the Companies Consolidation (Consequential Provisions) (Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I.9)), Schedule 1, by the Insolvency Act 1986 (c. 45), Schedule 14 and by S.I. 1990/1333, reg. 8(3).
f4: Section 83A was inserted by S.I. 1992/2890, reg. 8.