{
  "url": "https://openlegislation.uk/insurance-companies-regulations-1994/regulation-12",
  "json_url": "https://openlegislation.uk/insurance-companies-regulations-1994/regulation-12.json",
  "legislation": "uksi/1994/1516",
  "legislation_title": "The Insurance Companies Regulations 1994",
  "legislation_url": "https://openlegislation.uk/insurance-companies-regulations-1994",
  "path": "regulation/12",
  "kind": "regulation",
  "number": "12",
  "heading": "Disposal of surplus",
  "text": "(1) Subject to paragraphs (2) and (3) below, the Secretary of State on the application of a depositor may direct the Accountant General—\n(a) to transfer to the depositor any of the securities constituting or forming part of the deposit, or\n(b) to realise any of the securities constituting or forming part of the deposit and to pay the net proceeds to the depositor, or\n(c) to pay to the depositor any cash which constitutes or forms part of the deposit (or will do so on the maturity of any security).\n(2) The Secretary of State shall not give a direction under paragraph (1) above unless it appears to him that the remaining cash and securities constituting the deposit after the dealing specified in the direction has been carried out will, if valued in accordance with Part VIII of these Regulations as on the day before the direction is given, be equal in value to at least the minimum.\n(3) Nothing in paragraph (1) or (2) above shall relieve the depositor of the obligation imposed on him by regulation 8 above to maintain the deposit at a level equal to at least the minimum.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "power to contract out functions conferred",
      "affecting": "uksi/1998/2842",
      "affecting_title": "The Contracting Out (Functions in Relation to Insurance) Order 1998"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1516/regulation/12",
    "retrieved_at": "2026-10-29T13:31:36.830993+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."
}