Policyholders Protection Act 1975

Statements of premium income

4 (1) Every authorised insurance company shall send to the Secretary of State before 1st March 1976, and thereafter before 1st March in any subsequent year, a statement of any income of the company for the previous year which is income liable to the general business levy.

(2) Every authorised insurance company shall send to the Secretary of State before 1st March 1976, and thereafter before 1st March in any subsequent year, a statement of any income of the company for the previous year which is income liable to the long term business levy.

(3) Where an authorised insurance company is required under this paragraph to send a statement to the Secretary of State in respect of income of both descriptions mentioned in sub-paragraphs (1) and (2) above it shall send a separate statement in respect of income of each description.

5 (1) Any person who causes or permits to be included in a statement sent to the Secretary of State under paragraph 4 above any information which he knows to be false in a material particular or recklessly causes or permits to be so included any information which is false in a material particular shall be guilty of an offence and liable—

(a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both ;

(b) on summary conviction, to a fine not exceeding £400.

(2) Any insurance company which makes default in complying with paragraph 4 above shall be guilty of an offence and liable, on summary conviction, to a fine not exceeding £400.

(3) Sections 28(1)(b)(i) and 46(1)(a) of the [1974 c. 49.] Insurance Companies Act 1974 (failure to satisfy an obligation under that Act to be a ground for the exercise by the Secretary of State of certain powers in relation to an insurance company) shall have effect in relation to the obligation imposed on an insurance company by paragraph 4 above as they have effect in relation to obligations imposed on an insurance company under that Act.

(4) Sections 79 to 82 of the Insurance Companies Act 1974 shall apply in relation to an offence committed or alleged to have been committed under this paragraph as they apply in relation to an offence committed or alleged to have been committed under that Act.

(5) In the application of sub-paragraph (3) above to Northern Ireland—

(a) for the references to sections 28(1)(b)(i) and 46(1)(a) of the Insurance Companies Act 1974 there shall be substituted respectively references to section 12(1)(b)(i) of the [1973 c. 58.] Insurance Companies Amendment Act 1973 and section 42(2)(b) of the [1968 c. 6 (N.I.).] Insurance Companies Act (Northern Ireland) 1968 ;

(b) the words " that Act", in both places where they occur, shall be construed as referring to the Act in which the provision in question is included ; and

(c) for the reference to the Secretary of State there shall be substituted a reference to the Department of Commerce ;

and in the application of sub-paragraph (4) above to Northern Ireland, for the reference to sections 79 to 82 of the said Act of 1974 there shall be substituted a reference to sections 63 to 66 of the said Act of 1968.