Appendix A

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Insurance Companies Act 1982 Parts i, ii & v – main derivations

Sections in: ICA 1982

ICA 1981ICA 1974ICAA 1973CA 1967ICA 1958Other

Part I Restriction on Carrying on Insurance Business

      
Preliminary
      
1. Classification11  {59}641 
2. Restriction on carrying on insurance business22  {60} 
Authorised insurance  companies
      
3. Authorisation by Secretary of State33  {61} 
4. Existing insurance  companies43    
5. Submission of proposals etc5     
6. Combination of long term and  general business6    SI 1994/1696, reg 6
7. United Kingdom applicants7     
8. Applicants from other  member States8     
9. Applicants from outside the Community9     
10. General  representatives 10     
Withdrawal of authorisation      
11. Withdrawal of authorisation in respect of  new business11{9} {69}  
12. Notices of withdrawal under section 1112     
12A  Suspension of authorisation in urgent cases       
13. Final withdrawal of  authorisation13     
Offences
      
14. Offences under Part 11411{52}{85}{26} 

Part II Regulation of Insurance Companies

      

Preliminary

      
15. Insurance companies to which Part II applies1612 {70}{1} 
16. Restriction  of business to insurance15     
Accounts and statements
      
17. Annual accounts and balance sheets 13 714 
18.  Periodic actuarial investigation of company with long term business17143{78}{5} 
19.  Appointment of actuary by company with long term business 153   
20. Annual  statements by company with prescribed class of insurance business 16 {74}{7} 
21. Audit of accounts  17 72  9 Companies Act 1981, Sched 3
21A. Communication by auditor with Secretary of State      Financial Services Act 1986, s135
22. Deposit of accounts etc with Treasury 18184{71}8 
23. Right of shareholders and policy holders to receive copies of deposited documents 194 {76}8  
24. Deposit of accounts etc by registered society  20 77   
25. Periodic statements by company with prescribed class of business 215   
26. Statements of transactions of prescribed class or description 226    
  27. Companies from outside the Community 18     22A     
Assets and liabilities attributable to long term business
      
28. Separation of assets and liabilities attributable to long term business 237  {3}  
29. Application of assets of company with long term business 19 24 8    
30. Allocations to policyholders20 25 9    
31. Restriction on transactions with connected persons   2610    
31A. Arrangements to avoid unfairness between separate insurance funds etc     FS Act 1986, s136
32. Margins of solvency 21 26A     
33. Failure to maintain minimum margin 2126B    
34. Companies supervised in other Member States 2126C    
34A. General business: equalisation reserve      IC (Reserves) Act 1995, s1
35. Form and situation of assets 21   26D     
35A. Adequacy of assets     SI 1994/1696, reg 17
35B. Adequacy of premiums: long term business      SI 1994/1696, reg 18
Liabilities of unlimited amount
      
36. Avoidance of contracts for unlimited amounts  27 11    
Powers of intervention
      
37. Grounds on which powers are exercisable 22 28 12    
38. Requirements about investments 23 30 14    
39. Maintenance of assets in the United Kingdom 23 31 15    
40. Custody of assets  3216   
40A. Prohibition on disposal of assets     SI 1994/1696, reg 22
41. Limitation of premium income 3317   
42. Actuarial investigations 3418    
43. Acceleration of information required by accounting provisions 3519    
43A. General investigations     SI 1994/1696, reg 23
44. Power to obtain information and require production of documents  3620{109}  
44A. Entry and search of premises     Companies Act 1989, s77
45. Residual power to impose requirements for protection of policy holders 233721   
46. Notice of proposed exercise of powers on ground of unfitness of certain persons 3923   
47. Rescission, variation and publication of requirements  4024   
47A. Restriction on disclosure of information     Companies Consolidation (Consequential Provisions) Act 1985, s25 SI 1994/1696, reg 26
47B. Privilege from disclosure     Companies Consolidation (Consequential Provisions) Act 1985, s25
48. Power of Secretary of State to bring civil proceedings on behalf of insurance company  4125{37}   
Transfers of long term business
      
49. Transfers of long term and general business274226  SI 1994/1696, reg 282642 Substituted ss 49, 49A, 49B, 50,51 and 52 with new s49.
49A. Transfer of long term business to friendly society     Friendly Societies Act 1992, s120 and see fn 2
49B. Modifications of section 49 in certain cases     SI 1993/174, reg 3 and see fn 2
50. Provisions supplementary to section 49  4327  See fn 2
Transfer of general business
      
51. Approval of transfers of general business25    See fn 2
52. Effect of approval under section 51 26     See fn 2
52A. Issue of certificates by Secretary of State     SI 1990/1333, reg 9
52B. Effect of transfers authorised in other EEA States     SI 1994/1696, reg 30
Winding up
      
53. Winding up of insurance companies under Companies Acts  45 29 15   
54. Winding up on petition of Secretary of State  46 29 81 15Companies Act 1976, Sched 2
55. Winding up of insurance companies with long term business  47 30    
56. Continuation of long term business of insurance companies in liquidation  48 31    
57. Subsidiary companies  49   16  
58. Reduction of contracts as alternative to winding up  50   18  
59. Winding up rules  51 29 +30 17   
Changes of director, controller or manager etc
      
60. Approval of proposed managing director or chief executive of insurance company 52 33   
61. Approval of person proposing to become controller of insurance company where section 60 does not apply  53 34   
61A. Approval of acquisition of notifiable holding in UK company      SI 1994/1696, reg 34
61B. Further provisions with respect to controllers of UK companies      SI 1994/1696, reg 35
62. Duty to notify change of director, controller or manager  54 35 82/83   
63. Change of manager etc of company from outside United Kingdom 28      
64. Duty to notify change of main agent 29 54A    
Miscellaneous
      
65. Documents deposited with Secretary of State 55 36 {30}  
66. Documents deposited in Northern Ireland  55A    
67. Power to treat certain business as or as not being ordinary long-term insurance business  5637  Policyholders Protection Act 1975, s22
68. Power to modify Part II in relation to particular companies  5738{92}  
69. Power to alter insurance company’s financial year 59 73  
70. Service of notices 60  29 
71. Offences under Part II 61528426 

Part V Supplementary Provisions

      
Valuation regulations
      
90. Powers to make valuation regulations 337832   
Criminal proceedings
      
91. Criminal liability of directors 79 5289  
92. Criminal proceedings against unincorporated bodies  80 5288  
93. Restriction on institution of prosecutions 81 5291  
94. Summary proceedings  82 52 90  
94A. Fees     Insurance (Fees) Act 1985, s1
94B. Law applicable to certain contracts of insurance     SI 1990/1333, reg 6
Interpretation
      
95. Insurance business 34     
96. General interpretation358555 102 33  
96A. Interpretation of expressions derived from insurance Directives      SI 1990/1333, reg 2
96B. Meaning of ‘large risks’     SI 1990/1333, reg 4
96C. Meaning of ‘controller’ etc      SI 1994/1696, reg 52
96D. Meanings of ‘manager’ and ‘chief executive’      SI 1994/1696, reg 53
96E. Meaning of ‘main agent’      SI 1994/1696, reg 54
Supplementary
      
97. Regulations and orders 3386 53  34  

Footnotes

641 { } indicates broadly equivalent or relevant provisions of earlier legislation.

642 Substituted ss 49, 49A, 49B, 50, 51 and 52 with new s 49.

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