{
  "url": "https://openlegislation.uk/insurance-companies-regulations-1994/regulation-31",
  "json_url": "https://openlegislation.uk/insurance-companies-regulations-1994/regulation-31.json",
  "legislation": "uksi/1994/1516",
  "legislation_title": "The Insurance Companies Regulations 1994",
  "legislation_url": "https://openlegislation.uk/insurance-companies-regulations-1994",
  "path": "regulation/31",
  "kind": "regulation",
  "number": "31",
  "heading": "Localisation",
  "text": "(1) Subject to paragraph (2) below, assets held pursuant to regulation 27 above shall be held—\n(a) if they cover liabilities in sterling, in the European Community;\n(b) if they cover liabilities in any other currency, in the European Community or in the country of that currency.\n(2) In the case of a relevant co-insurance operation and a relevant company, assets held pursuant to regulation 27 above shall be held in the European Community or, if the head office or branch through which the leading insurer participates in the operation is established in an EFTA State, in that State.\n(3) For the purpose of applying paragraphs (1) and (2) above to tangible assets and assets consisting of a claim against a debtor or a listed or unlisted investment, the following provisions shall have effect—\n(a) a tangible asset shall be regarded as held in the place where it is situated;\n(b) an asset consisting of a claim against a debtor shall be regarded as held in any place where it can be enforced by legal action;\n(c) an asset consisting of a listed investment shall be regarded as held in any place where—\n(i) there is a stock exchange (of the kind described in paragraph (a) of the definition of “listed” in regulation 44(1) below) where it is listed, or\n(ii) there is a regulated market as defined in regulation 44(1) below where it is dealt in;\n(d) an asset consisting of an unlisted investment issued by an incorporated company shall be regarded as held in the place where the head office of that company is situated.\n(4) In this regulation—\n“assets” and “liabilities” have the same meaning as in regulation 27 above;\n“leading insurer”, “relevant co-insurance operation” and “relevant company” have the same meaning as in regulation 63 below;\n“listed” and “unlisted” have the meaning given in regulation 44(1) below.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1994/3133",
      "affecting_title": "The Insurance Companies (Amendment No. 2) Regulations 1994"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1516/regulation/31",
    "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."
}