Search Legislation

Insurance Companies Act 1974

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Restriction on Carrying on Insurance Business

    1. Preliminary

      1. 1.Classes of insurance business relevant for Part I

    2. Authorised insurers

      1. 2.Persons permitted to carry on insurance business

      2. 3.Authorisations

      3. 4.Margin of solvency required for authorisation

      4. 5.Paid up share capital required for authorisation

      5. 6.Reinsurance arrangements required for authorisation

      6. 7.No authorisation for body under control etc. of unfit persons

      7. 8.Authorisation for business limited to persons or risks of specified class

      8. 9.Termination of authorisations

    3. Supplementary

      1. 10.Power to amend ss. 4 and 5

      2. 11.Offences under Part I

  3. Part II Regulation of Insurance Companies

    1. Preliminary

      1. 12.Insurance companies to which Part II applies

    2. Accounts and statements

      1. 13.Annual accounts and balance sheets

      2. 14.Periodic actuarial investigation of company with long term business

      3. 15.Appointment of actuary by company with long term business

      4. 16.Annual statements by company with prescribed class of insurance business

      5. 17.Audit of accounts

      6. 18.Deposit of accounts etc. with Secretary of State

      7. 19.Right of shareholders and policy holders to receive copies of deposited documents

      8. 20.Deposit of accounts etc. by registered society

      9. 21.Periodic statements by company with prescribed class of business

      10. 22.Statements of transactions of prescribed class or description

    3. Assets and liabilities attributable to long term business

      1. 23.Separation of assets and liabilities attributable to long term business

      2. 24.Application of assets of company with long term business

      3. 25.Allocations to policy holders

      4. 26.Restriction on transactions with connected persons

    4. Liabilities of unlimited amount

      1. 27.Avoidance of contracts for unlimited amounts

    5. Powers of intervention

      1. 28.Grounds on which powers are exercisable

      2. 29.Restrictions on new business

      3. 30.Requirements about investments

      4. 31.Maintenance of assets in the United Kingdom

      5. 32.Custody of assets

      6. 33.Limitation of premium income

      7. 34.Actuarial investigations

      8. 35.Acceleration of information required by accounting provisions

      9. 36.Power to obtain information and require production of documents

      10. 37.Residual power to impose requirements for protection of policy holders

      11. 38.Notice of proposed exercise of power under s. 29

      12. 39.Notice of proposed exercise of powers on ground of unfitness of director or manager

      13. 40.Rescission, variation and publication of requirements

      14. 41.Power of Secretary of State to bring civil proceedings on behalf of insurance company

    6. Transfers of long term business

      1. 42.Sanction of court for transfer of long term business

      2. 43.Provisions supplementary to s. 42

    7. Insolvency and winding up

      1. 44.Margin of solvency for general business

      2. 45.Winding up of insurance companies under Companies Act 1948

      3. 46.Winding up on petition of Secretary of State

      4. 47.Winding up of insurance companies with long term business

      5. 48.Continuation of long term business of insurance company in liquidation

      6. 49.Subsidiary companies

      7. 50.Reduction of contracts as alternative to winding up

      8. 51.Winding up rules

    8. Changes of director, controller or manager

      1. 52.Approval of proposed managing director or chief executive of insurance company

      2. 53.Approval of person proposing to become controller of insurance company where s. 52 does not apply

      3. 54.Duty to notify change of director, controller or manager

    9. Miscellaneous

      1. 55.Documents deposited with Secretary of State

      2. 56.Power to treat certain business as or as not being ordinary long-term insurance business

      3. 57.Power to modify Part II in relation to particular companies

      4. 58.Power to amend s. 44

      5. 59.Power to alter insurance company's financial year

      6. 60.Service of notices

      7. 61.Offences under Part II

  4. Part III Conduct of Insurance Business

    1. 62.Insurance advertisements

    2. 63.Misleading statements etc. inducing persons to enter into contracts of insurance

    3. 64.Intermediaries in insurance transactions

    4. 65.Statutory notice by insurer in relation to long term policy

    5. 66.Right to withdraw from transaction in respect of long term policy

    6. 67.Service of notice of cancellation

    7. 68.Linked long term policies

    8. 69.Scope of Prevention of Fraud (Investments) Act 1958

    9. 70.Capital redemption business

    10. 71.Penalties and offences under Part III

  5. Part IV Special Classes of Insurers

    1. 72.Industrial assurance business

    2. 73.Requirements to be complied with by Lloyd's underwriters etc.

    3. 74.Statement of business by Committee of Lloyd's etc.

    4. 75.Companies established outside Great Britain

    5. 76.Unregistered companies

    6. 77.Insurance companies formed before 1967 in contravention of s. 434 of Companies Act 1948

  6. Part V Supplementary Provisions

    1. Valuation regulations

      1. 78.Power to make valuation regulations

    2. Criminal proceedings

      1. 79.Criminal liability of directors

      2. 80.Criminal proceedings against unincorporated bodies

      3. 81.Restriction on institution of prosecutions

      4. 82.Summary proceedings

    3. Interpretation

      1. 83.Definitions of classes of insurance business

      2. 84.Insurance business of one class incidental to insurance business of different class

      3. 85.General interpretation

    4. Supplementary

      1. 86.Regulations and orders

      2. 87.Annual report by Secretary of State

      3. 88.Consequential amendments, repeals and savings

      4. 89.Transitory provisions relating to coming into force of Insurance Companies Amendment Act 1973

      5. 90.Short title, commencement and extent

  7. Schedules

    1. Schedule 1

      Consequential Amendments

      1. The Companies Act 1948

      2. The Insurance Companies Act 1958

      3. The Building Societies Act 1962

      4. The Housing Subsidies Act 1967

      5. The Companies Act 1967

      6. The Employers' Liability (Compulsory Insurance) Act 1969

      7. The Income and Corporation Taxes Act 1970

    2. Schedule 2

      Repeals

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources