- Statutory Instrument 1998 No. 2842
The Contracting Out (Functions in Relation to Insurance) Order 1998
© Crown Copyright 1998
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Contracting Out (Functions in Relation to Insurance) Order 1998 , ISBN 0 11 079842 2. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
| Made | 17th November 1998 | ||
| Coming into force | 18th November 1998 |
Whereas a draft of this Order has been laid before, and approved by a resolution of, each House of Parliament pursuant to section 77(2) of the Deregulation and Contracting Out Act 1994[1],
Now, therefore, the Treasury, in exercise of the powers conferred on them by sections 69 and 77(1)(b) of that Act and of all other powers enabling them in that behalf, hereby make the following Order:-
Citation and commencement
1. - (1) This Order may be cited as the Contracting Out (Functions in Relation to Insurance) Order 1998.
(2) This Order shall come into force on the day after the day on which it is made.
Contracting out of functions of the Treasury
2. Any function of the Treasury which is listed in the Schedule to this Order[2] may, to such extent as is specified, be exercised by, or by employees of, such person (if any) as may be authorised in that behalf by the Treasury.
Supplementary
3. Anything which is authorised or required by or under any provision mentioned in the Schedule to this Order to be given, delivered, served, taken or done to, on or against the Treasury may be given, delivered, served, taken or done to, on or against such person (if any) as may be authorised by virtue of article 2 above.
Jim Dowd
Jane Kennedy
Two of the Lords Commissioners of Her Majesty's Treasury
17th November 1998
1. Functions conferred by or under any of the provisions of the Insurance Companies Act 1982[4] as follows.
2. Section 3 (authorisation by Treasury).
3. Section 5 (submission of proposals etc.).
4. Section 6 (combination of long term and general business).
5. Section 7 (United Kingdom applicants).
6. Section 8 (applicants from other member States).
7. Section 9 except subsection (7) (applicants from outside the Community).
8. Section 11 (withdrawal of authorisation in respect of new business).
9. Section 12 (notices of withdrawal under section 11).
10. Section 12A (suspension of authorisation in urgent cases).
11. Section 13 (final withdrawal of authorisation).
12. Section 19(2) (appointment of actuary by company with long term business).
13. Section 21A(1), (2), (3) and (5) (communication by auditor with Treasury) except insofar as it relates to the making of regulations by the Treasury applying to any auditor or class of auditor and specifying circumstances in which matters are to be communicated to the Treasury.
14. Section 22 (deposit of accounts etc. with Treasury).
15. Section 23 (rights of shareholders and policyholders to receive copies of deposited documents).
16. Section 24(1) (deposit of accounts etc. by registered society).
17. Section 25(4) and (5) (periodic statements by company with prescribed class of business) except insofar as it relates to prescribing such period within which copies of any statement must be deposited with the Treasury.
18. Section 26 (statements of transactions of prescribed class or description) except insofar as it relates to prescribing the classes or descriptions of agreements or arrangements appearing to the Treasury as likely to be undesirable in the interests of policyholders.
19. Section 29(3) (application of assets of company with long term business).
20. Section 30(3) (allocations to policyholders).
21. Section 32(4) (margins of solvency).
22. Section 33(1) and (2) (failure to maintain minimum margin).
23. Section 37 (grounds on which powers are exercisable) except insofar as it relates to the functions under sections 43A, 44(2)(b) and (4A) and 44A.
24. Section 38 (requirements about investments).
25. Section 39 (maintenance of assets in the United Kingdom).
26. Section 40 (custody of assets).
27. Section 40A (prohibition on disposal of assets).
28. Section 41 (limitation of premium income).
29. Section 42 (actuarial investigations).
30. Section 43 (acceleration of information required by accounting provisions).
31. Section 44(1), (2)(a), (2A), (2B), (3) and (4) (power to obtain information and require production of documents) except insofar as the exercise of any of those functions would require any individual to produce any documents at such time and place as may be specified.
32. Section 45 (residual power to impose requirements for protection of policyholders).
33. Section 46 (notice of proposed exercise of powers on ground of unfitness of certain persons) except insofar as it relates to the functions under sections 43A, 44(2)(b) and (4A) and 44A.
34. Section 47(1) and (3) (rescission, variation and publication of requirements) except insofar as it relates to a requirement imposed under sections 43A and 44(2)(b).
35. Section 48(2A) (power of Treasury to bring civil proceedings on behalf of insurance company).
36. Section 52A (issue of certificates by Treasury).
37. Section 52B (effect of transfers authorised in other EEA States).
38. Section 54 (winding up on petition of Treasury).
39. Section 56(6) (continuation of long term business of insurance companies in liquidation).
40. Section 60 (approval of proposed managing director or chief executive of insurance company).
41. Section 61 (approval of person proposing to become controller of insurance company where section 60 does not apply).
42. Section 61A (approval of acquisition of notifiable holding in UK company).
43. Section 62(2) (duty to notify change of director, controller or manager).
44. Section 63 (change of manager etc of company from outside United Kingdom).
45. Section 64(1) (duty to notify change of main agent).
46. Section 65(1) (documents deposited with Treasury).
47. Section 69 (power to alter insurance company's financial year).
48. Section 70(3) (service of notices).
49. Section 75(3) (statutory notice by insurer in relation to long term policy).
50. Section 78(4) (linked long term policies).
51. Section 83 (requirements to be complied with by Lloyd's underwriters).
52. Section 83A (Lloyd's underwriters-insurance Directives) except insofar as it relates to the functions under section 44(2)(b) and (4A).
53. Section 84 (Lloyd's underwriters-financial resources) except insofar as it relates to such modifications as may be prescribed by the Treasury and to the functions under section 44(2)(b) and (4A).
54. Section 85 (Lloyd's underwriters-transfer of business).
55. Section 86(1) (statement of business by Committee of Lloyd's).
56. Schedule 2A (criteria of sound and prudent management).
57. Schedule 2B (restriction on disclosure of information).
58. Schedule 2C (transfers of insurance business).
59. Schedule 2D (further provisions with respect of controllers of UK companies).
60. Schedule 2F (recognition in the United Kingdom of EC and EFTA companies) except insofar as it relates to the functions under section 44(2)(b) and (4A).
61. Schedule 2G (recognition in other EEA States of UK insurers).
62. Functions conferred by or under any of the following provisions of the Lloyd's Act 1871[6]:
-
(a) section 35 (salvage operations as to wreck of Lutine); and
(b) section 39 (agreements for incorporation of other Societies etc).
63.
Functions conferred by or under any of the following provisions of the Policyholders Protection Act 1975[7]:
-
(a) section 21(2A) (levies on authorised insurance companies);
(b) section 26 (overseas companies);
(c) section 29 (disclosure of documents and information to insurance advisers appointed by the Treasury);
(d) Schedule 1 (additional provisions with respect to the Policyholders Protection Board) other than the functions under paragraphs 5 and 6 of that Schedule; and
(e) Schedule 3 (additional provisions with respect to levies on authorised insurance companies).
64.
Functions mentioned in any of the following provisions of the Transfer of Functions (Financial Services) Order 1992[8]:
-
(a) paragraph 6, 7, 8(a) and 10 of Schedule 1 (certain functions under the Financial Services Act 1986 retained by the Secretary of State); and
(b) paragraph 1(a), 2 and 6 of Schedule 2 (functions under the Financial Services Act 1986 exercisable by the Secretary of State jointly with the Treasury).
65. Functions conferred by or under paragraph 13(2) of Schedule 15 to the Friendly Societies Act 1992[9] (power to certify that a person possesses the margin of solvency required by Part II of the Insurance Companies Act 1982).
66. Functions conferred under or by virtue of section 6(1) of the Policyholders Protection Act 1997[10] (schemes of arrangement etc; power of Treasury to intervene).
67. Functions conferred under or by virtue of any of the following provisions of the Insurance (Lloyd's) Regulations 1983[12]:
-
(a) regulation 3(4) (financial resources);
(b) regulation 5(1A) (statement of business);
(c) paragraph 2 of Schedule 1 (modifications to Schedules 3 and 4 to the Insurance Companies Regulations 1994[13]); and
(d) paragraphs 4(1)(a), 6, 10 and 11 of Schedule 1A (calculation of prescribed surplus).
68.
Functions conferred under any of the following provisions of the Insurance Companies Regulations 1994[14]:
-
(a) regulation 9 (direction etc by the Treasury);
(b) regulation 12 (disposal of surplus);
(c) regulation 13 (cessation of business etc);
(d) regulation 14 (effect of direction etc);
(e) regulation 80 (insurance statistics: EFTA States and EFTA companies); and
(f) regulation 81 (insurance statistics: other member States).
69.
Functions conferred under regulation 21(2) of the Financial Institutions (Prudential Supervision) Regulations 1996[15] (duty to notify close links to the Treasury).
Notes:
[1] 1994 c. 40.back
[2] The functions listed in the Schedule to this Order were transferred to the Treasury by the Transfer of Functions (Insurance) Order 1997 (S.I. 1997/2781).back
[3] For relevant amendments see the note on amendments following this instrument.back
[4] The functions of the Secretary of State under or by virtue of sections 44, 47(1), 48(1) and (2), 54(1) to (4), 56(6) and Schedule 2B were made exercisable concurrently with the Treasury to the extent provided by the Transfer of Functions (Insurance) Order 1997 (S.I. 1997/2781), article 4(1) and (2); the functions of the Secretary of State under the other provisions listed in Part I of the Schedule to this Order were transferred to the Treasury by S.I. 1997/2781, article 2(1)(c).back
[5] For relevant amendments see the note on amendments following this instrument.back
[6] The functions exercisable by the Board of Trade and the Secretary of State concurrently under these provisions were transferred to the Treasury by S.I. 1997/2781, article 2(4)(a).back
[7] The functions of the Secretary of State under these provisions were transferred to the Treasury by S.I. 1997/2781, article 2(1)(a).back
[8] S.I. 1992/1315. The functions of the Secretary of State under these provisions were transferred to the Treasury by S.I. 1997/2781, article 2(2) and (3).back
[9] The functions of the Secretary of State under this provision were transferred to the Treasury by S.I. 1997/2781, article 2(1)(e).back
[10] The Policyholders Protection Act 1997 amends the Policyholders Protection Act 1975 with effect from a future date or dates to be appointed. Section 6(1) of the 1997 Act inserts a new section 17A into the 1975 Act. The functions of the Secretary of State under, or by virtue of, the 1997 Act were transferred to the Treasury by S.I. 1997/2781, article 2(1)(f).back
[11] For relevant amendments see the note on amendments following this instrument. By virtue of S.I. 1997/2781, article 8(2)(a) any reference to the Secretary of State in the following provisions is to be construed as if it were a reference to the Treasury.back
