Appendix B

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Frequency of exercise of powers of intervention under the Insurance Companies Act 1982

Reproduced from the Minutes of Evidence Submitted to the House of Commons Select Committee on the Treasury

Ninth Report 1997-98 – Pension Mis-selling

Annex A to Appendix 4 Supplementary Memorandum from HM Treasury as ordered to be printed on 12 November 1998

 
 Section of the Act conferring power and description of power  Number of times power exercised in each given year
  1985  1986  1987  19881989 19901991  1992  1993 1994 1995 1996 1997

Section 38—Requirements about Investments

             
 —on or within 5 years of authorisation under S37(5)(a)  17  12  21  10  11  27  16  18  21  18  11  14  16
 —on or within 5 years of change of control under S37(5)(b)  3  6  12  7  7  9  5  2  4  5  9  18  7
 —in other cases under S37(2),(3),(4),(4A) or (6)  1  0  2  4  2  9  7  8  26  12  7  0  7

Section 39 Maintenance of assets in EEA

 —on or within 5 years of authorisation under S37(5)(a)  0  0  0  0  0  0  0  0  0  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  0  0  0  0  0  0  0  0  0  0  0  0  0
 —in other cases under S37(2),(3),(4),(4A) or (6)  2  0  3  1  0  3  1  0  0  0  0  0  0

Section 40 Custody of assets

 —on or within 5 years of authorisation under S37(5)(a)  0  0  0  0  0  0  0  0  0  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  0  0  0  0  0  0  0  0  0  0  0  0  0
 —in other cases under S37(2),(3),(4),(4A) or (6)  2  0  3  0  0  3  0  0  0  0  0  0  0

Section 40A Freezing of Assets

 —on or within 5 years of authorisation under S37(5)(a)  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0  0  0  0
 —in other cases under S37(2),(3),(4),(4A) or (6)  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0  0  0  0

Section 41 Premium Income limit

 —on or within 5 years of authorisation under S37(5)(a)  18  15  16  4  10  26  16  18  22  17  14  18  15
 —on or within 5 years of change of control under S37(5)(b)  2  7  12  7  6  9  6  8  7  4  8  17  4
 —in other cases under S37(2),(3),(4),(4A) or (6)  1  2  1  4  2  9  1  9  15  8  11  1  2

Section 42 Actuarial Investigations

 —on or within 5 years of authorisation under S37(5)(a)  3  3  3  1  2  7  3  0  1  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  3  1  3  0  1  3  0  2  0  0  0  0  0
 —in other cases under S37(2),(3),(4),(4A) or (6)  0  0  0  0  0  2  0  0  0  0  0  0  0

Section 43 Accelerated accounting information

 —on or within 5 years of authorisation under S37(5)(a)  0  0  0  0  0  0  0  0  0  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  0  0  0  0  1  0  0  0  0  0  0  0  0
 —in other cases under S37(2),(3),(4), (4A) or (6)  0  0  1  0  0  2  8  9  2  1  0  0  4

Section 43(A) General Investigations

 —on or within 5 years of authorisation under S37(5)(a)  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0  0  0  0
 —in other cases under S37(2),(3),(4),(4A) or (6)  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  n/a  0  0  0  1

Section 44(1) Obtaining Information

 —on or within 5 years of authorisation under S37(5)(a)  19  12  21  12  11  29  16  18  22  18  15  24  21
 —on or within 5 years of change of control under S37(5)(b)  3  8  12  7  7  9  5  5  3  5  9  29  8
 —in other cases under S37(2),(3),(4),(4A) or (6)  3  1  3  2  12  19  11  14  27  12  16  5  9

Section 44(2) Obtaining Information by production of specific books and papers

 —on or within 5 years of authorisation under S37(5)(a)  0  0  0  0  0  0  0  0  2  0  0  0  0
 —on or within 5 years of change of control under S37(5)(b)  0  0  0  0  0  0  0  0  0  0  1  0  0
 —in other cases under S37(2),(3),(4),(4A) or (6)  0  0  3  3  1  2  0  2  0  1  2  11  11

Section 45 Residual power to impose requirements for protection of policyholders

 —on or within 5 years of authorisation under S37(5)(a)  18  12  21  12  11  28  16  18  22  18  14  24  20
 —on or within 5 years of change of control under S37(5)(b)  3  5  3  7  8  9  5  5  3  4  9  33  7
 —in other cases under S37(2),(3),(4),(4A) or (6)  1  0  3  2  4  10  11  19  32  12  8  4  9

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