Insurance Companies Act 1980

1980 CHAPTER 25

An Act to extend the Insurance Companies Act 1974 to Northern Ireland, to amend that Act with respect to the functions of the Industrial Assurance Commissioner, and for connected purposes.

[1st May 1980]

Commencement Information

I1 Act not in force at Royal Assent see s. 5(2); Act wholly in force at 1.6.1980 by S.I. 1980/678

1 Extension of Insurance Companies Act 1974 to Northern Ireland. U.K.

Subject to section 2(1) below—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

[F2 (b) any other Act to the extent that it amends or extends that Act,]

shall extend to Northern Ireland.

Textual Amendments

F1 S. 1(a) repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6

F2 S. 1(b) repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6 to the extent an Act therein mentioned is repealed by the said Act of 1982.

Modifications etc. (not altering text)

C1 “that Act” refers to the Insurance Companies Act 1974 (c. 49)

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 U.K.

Textual Amendments

F3 S. 2 repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6

3 Extension of certain instruments to Northern Ireland. U.K.

(1) The instruments specified in Part I of Schedule 2 to this Act shall, subject to the modifications thereof specified in Part II of that Schedule, extend to Northern Ireland.

(2)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Textual Amendments

F4 S. 3(2)(3) repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

4 Consequential amendments, savings, transitional provisions and repeals. U.K.

(1) The enactments specified in Schedule 3 to this Act shall have effect subject to the amendments there specified, being amendments consequential on the provisions of this Act.

(2) The saving and transitional provisions specified in Schedule 4 to this Act shall have effect.

(3) Subject to subsection (2) above, the enactments specified in Schedule 5 to this Act (which include certain spent provisions) are hereby repealed to the extent specified in the third column of that Schedule.

(4) Subject to subsection (2) above, the statutory rules specified in Schedule 6 to this Act are hereby revoked.

Modifications etc. (not altering text)

C2 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

5 Short title, commencement and extent. U.K.

(1) This Act may be cited as the Insurance Companies Act 1980.

(2) This Act shall come into operation on such day as the Secretary of State may by order made by statutory instrument appoint.

(3) This Act extends to Northern Ireland.

Modifications etc. (not altering text)

C3 1.6.1980 appointed under s. 5(2) by S.I. 1980/678

SCHEDULES

F5 F5 SCHEDULE 1 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 Sch. 1 repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6

Section 3.

SCHEDULE 2 U.K. Regulations Extended to Northern Ireland by Section 3

Part I U.K. Regulations Extended

The Assurance Companies Rules 1950 (S.I. 1950/533).

F6 The Insurance Companies (Contents of Advertisements) Regulations 1974 (S.I. 1974/901).

Textual Amendments

F6 Entries repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

The Insurance Companies (Contents of Advertisements) (Amendment) Regulations 1974 (S.I. 1974/1052).

The Insurance Companies (Linked Properties and Indices) Regulations 1975 (S.I. 1975/929).

F7 The Insurance Companies (Valuation of Assets) Regulations 1976 (S.I. 1976/87).

Textual Amendments

F7 Entry repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

The Insurance Companies (Intermediaries) Regulations 1976 (S.I. 1976/521).

F8 The Insurance Companies (Valuation of Assets) (Amendment) Regulations 1976 (S.I. 1976/2039).

Textual Amendments

F8 Entries repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

F9 The Insurance Companies (Changes of Director, Controller or Manager) Regulations 1978 (S.I. 1978/722).

Textual Amendments

F9 Entries repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

The Insurance Companies (Notice of Long-Term Policy) Regulations 1978 (S.I. 1978/1304).

F10 The Insurance Companies (Valuation of Assets) (Amendment) Regulations 1980 (S.I. 1980/5).

Textual Amendments

F10 Entry repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

Part II U.K. Modifications of Regulations Extended

F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

1—7.

Textual Amendments

F11 Sch. 2 Pt. II paras. 1–7, 15 repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

The M1 Insurance Companies (Contents of Advertisements) Regulation 1974 U.K.

Marginal Citations

M1 S.I. 1974/901

8 In regulation 2 of the Insurance Companies (Contents of Advertisements) Regulation 1974 for the words from “Great Britain” onwards there shall be substituted the words “the United Kingdom”.

Modifications etc. (not altering text)

C4 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

9 In regulation 4(2) of the said Regulations of 1974 at the end there shall be added the words “with the addition, in subsection (9) of that section of a reference to a scheme made under section 25 of the Charities Act (Northern Ireland) 1964 and to an authorised unit trust scheme within the meaning of the Prevention of Fraud (Investment) Act (Northern Ireland) 1940”.

Modifications etc. (not altering text)

C5 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

10 In regulation 5 of the said Regulations of 1974 for the words “the Insurance Companies Act 1958” there shall be substituted the words “Part II of the Insurance Companies Act 1974”.

Modifications etc. (not altering text)

C6 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

The M2 Insurance Companies (Contents of Advertisements) (Amendment) Regulation 1974 U.K.

Marginal Citations

M2 S.I. 1974/1052

11 In regulation 2 of the Insurance Companies (Contents of Advertisements) (Amendment) Regulation 1974 for the words from “Great Britain” onwards there shall be substituted the words “the United Kingdom otherwise than by virtue of an authorisation to do so by or under section 3 of the Insurance Companies Act 1974”.

Modifications etc. (not altering text)

C7 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

The M3 Insurance Companies (Valuation of Assets) Regulations 1976 U.K.

Marginal Citations

M3 S.I. 1976/87

12 In regulation 2 of the Insurance Companies (Valuation of Assets) Regulations 1976 —

(a) in the definition of “approved financial institution”—

(i) in sub-paragraph (c) for the words “Trustee Savings Bank Act 1969” there shall be substituted the words “Trustee Savings Banks Act 1976” ;

(ii) in sub-paragraph (d) at the end there shall be added the words “or paragraph 23 of the Sixth Schedule to the Companies Act (Northern Ireland) 1960” ;

(b) in the definition of “equity share capital” from the words from “has” to “1948” there shall be substituted the words “, in relation to a company, means its issued share capital excluding any part thereof which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution” ;

(c) in the definition of “holding company” at the end there shall be added the words “or section 148 of the Companies Act (Northern Ireland) 1960”;

(d) in the definition of “quoted”—

(i) in sub-paragraph (a) at the end there shall be added the words “or the Companies Act (Northern Ireland) 1960”;

(ii) in sub-paragraphs (b) and (c) for the words “Great Britain” there shall be substituted the words “the United Kingdom”.

Modifications etc. (not altering text)

C8 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

The M4 Insurance Companies (Intermediaries) Regulations 1976 U.K.

Marginal Citations

M4 S.I. 1976/521

13 In regulation 3 of the Insurance Companies (Intermediaries) Regulations 1976—

(a) in paragraph (1)(e) after “1948” there shall be inserted the words “or section 144 of the Companies Act (Northern Ireland) 1960” ;

(b) in paragraph (4) after “1948” there shall be inserted the words “or section 148 of the Companies Act (Northern Ireland) 1960”.

Modifications etc. (not altering text)

C9 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

14 Regulation 7(1)(f) of the said regulations of 1976 shall be omitted.

Modifications etc. (not altering text)

C10 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

15

Textual Amendments

F12 Sch. 2 Pt. II paras. 1–7, 15 repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

The M5 Insurance Companies (Changes of Director, Controller or Manager) Regulations 1978 U.K.

Marginal Citations

M5 S.I. 1978/722.

16 In the Schedule to the Insurance Companies (Changes of Director, Controller or Manager) Regulations 1978 —

(a) in Forms A, B and C for the words “Great Britain” wherever they occur there shall be substituted the words “the United Kingdom” ;

(b) in item 12 of Form A and item 12 of Form B after “1948” there shall be inserted the words “or section 148 of the Companies Act (Northern Ireland) 1960” ;

(c) in item 8 of Form C after “1948” in the first place where it occurs there shall be inserted “or section 355 of the Companies Act (Northern Ireland) 1960” ; after the words “address(es) of” there shall be inserted the word “any” and after “1948” in the second place where it occurs there shall be inserted the words “or under Part X of the Companies Act (Northern Ireland) Act 1960”.

Modifications etc. (not altering text)

C11 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Section 4(1)

SCHEDULE 3 U.K. CONSEQUENTIAL AMENDMENTS

Modifications etc. (not altering text)

C12 The text of Sch. 3 is in the form in which it was originally enacted: it wase not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

The M6 Companies Act (Northern Ireland) 1960 U.K.

Marginal Citations

M6 1960 c. 22(N.I.)

1 In section 381(6) of the Companies Act (Northern Ireland) 1960 for “the Insurance Companies (Northern Ireland) Order 1976” substitute “the Insurance Companies Act 1974”.

2 In paragraph 24(1) of Schedule 6 to the said Act of 1960 for “Part III of the Insurance Companies (Northern Ireland) Order 1976” substitute “Part II of the Insurance Companies Act 1974”.

3 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13

Textual Amendments

F13 Sch. 3 para. 3 repealed by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 119(5), 120, Sch. 19 Pt. III

The M7 Children and Young Persons Act (Northern Ireland) 1968 U.K.

Marginal Citations

M7 1968 c. 34(N.I.)

4 In section 7 of the Children and Young Persons Act (Northern Ireland) 1968 for “Insurance Companies Act (Northern Ireland) 1968” substitute “Insurance Companies Act 1974”.

5 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14

Textual Amendments

F14 Sch. 3 para. 5 repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

6 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15

Textual Amendments

F15 Sch. 3 para. 6 repealed by S.I. 1981/226 (N.I. 6), art. 147(3), Sch. 4

7, 8. U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16

Textual Amendments

F16 Sch. 3 paras. 7, 8 repealed by S.I. 1981/154 (N.I. 1), art. 220(2), Sch. 8 and by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

The M8 Policyholders Protection Act 1975 U.K.

Marginal Citations

M8 1975 c. 75.

9 In section 3(2) of the Policyholders Protection Act 1975 for the words from “Great Britain” onwards substitute “the United Kingdom”.

10 In section 27 of the said Act of 1975 for “section 34 of the Insurance Companies Act (Northern Ireland) 1968” substitute “Article 109 of the Companies (Northern Ireland) Order 1978”.

11 In section 29 of the said Act of 1975 after “1967” insert “or Article 109 of the Companies (Northern Ireland) Order 1978”.

U.K.

12 In Article 108(1) of the Companies (Northern Ireland) Order 1978 for “Article 40 of the Insurance Companies (Northern Ireland) Order 1976” substitute “section 36 of the Insurance Companies Act 1974”.

13 In Article 109(1) of the said Order of 1978—

(a) for “Article 40 of the Insurance Companies (Northern Ireland) Order 1976” substitute “section 36 of the Insurance Companies Act 1974”;

(b) in sub-paragraph (a) for “Insurance Companies (Northern Ireland) Order 1976” substitute “Insurance Companies Act 1974”;

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

Textual Amendments

F17 Sch. 3 para. 13(c) repealed by S.I. 1982/1534 (N.I. 17), art. 113(2), Sch. 4

14 In Article 110(1) of the said Order of 1978 for “Article 40(1) of the Insurance Companies (Northern Ireland) Order 1976” substitute “section 36(1) of the Insurance Companies Act 1974”.

The M15 Companies (Northern Ireland) Order 1978 U.K.

Marginal Citations

M15 S.I. 1978/1042 (N.I. 12).

The M9 Industrial Assurance (Northern Ireland) Order 1979 U.K.

Marginal Citations

M9 S.I. 1979/1574 (N.I. 13).

15 U.K. In Article 3(4) of the said Order of 1979—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18

(b) for “Northern Ireland” substitute “ the United Kingdom ” ;

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18

Textual Amendments

F18 Sch. 3 para. 15(a)(c) repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I

16 In Article 18(1) of the said Order of 1979 for “Insurance Companies Order” substitute “Insurance Companies Act 1974”.

17 U.K. In Article 32(1)(b) of the said Order of 1979 for “Insurance Companies Order” substitute “ Insurance Companies Act 1974 ”.

18 U.K. In Article 40 of the said Order of 1979—

(a) for the words from the beginning to “Order” substitute “ Sections 42 and 43 of the Insurance Companies Act 1974 ” ;

(b) for “Article 83(5)” substitute “ section 72(6) ”.

19 In Article 50(2) of the said Order of 1979 for “Order” substitute “Act 1974”.

20 U.K. In Schedule 5 to the said Order of 1979—

(a) in paragraph 1 for “Article 2(2) of the Insurance Companies Order” substitute “ section 85(1) of the Insurance Companies Act 1974 ”;

(b) in paragraph 6 for “Order” substitute “ Act 1974 ”.

Section 4(2).

SCHEDULE 4 U.K. Saving and Transitional Provisions

1 In this Schedule—

• “the appointed day” means the day appointed under section 5(2) of this Act for the coming into operation of this Act;

• “the Department” means [F19 the Department of Economic Development] for Northern Ireland.

Textual Amendments

F19 Reference substituted by S.I. 1982/846 (N.I. 11), art. 5

2 Any thing done (including any instrument or document made, issued, confirmed or granted and any decision, authorisation, direction, consent, application, request or thing made, issued, given or done) under the M10 Insurance Companies Act 1974 or the instruments specified in section 3(3) of this Act or in Part I of Schedule 2 to this Act shall in so far as it had effect immediately before the appointed day have effect on or after that day in relation to Northern Ireland as if that Act or those instruments extended to Northern Ireland at the time when that thing was done and that thing was done in relation to Northern Ireland as well as Great Britain.

Marginal Citations

M10 1974 c. 49.

3 Articles 17 to 26 and 66 of the M11 Insurance Companies (Northern Ireland) Order 1976 and regulations made under those Articles or Article 55(5) of that Order (preparation and submission to the Department of accounts and returns and other documents) shall continue to have effect after the appointed day in respect of any financial year ending on or before the day immediately preceding the appointed day and Article 72 of that Order (offences) shall also continue to have effect accordingly.

Marginal Citations

M11 S.I. 1976/59 (N.I. 3).

4 Where it appears to the Secretary of State that before the appointed day an insurance company has failed to comply with the obligations referred to in sub-paragraph (b) of Article 32(1) of the said Order of 1976, the Secretary of State may exercise the powers under paragraph (b) of section 28(1) of the said Act of 1974 as if the failure had been a failure to comply with the obligations referred to in that paragraph.

5 Where it appears to the Secretary of State that an insurance company has furnished misleading or inaccurate information to the Department as referred to in sub-paragraph (c) of Article 32(1) of the said Order of 1976, the Secretary of State may exercise the powers under paragraph (c) of section 28(1) of the said Act of 1974 as if the misleading or inaccurate information furnished had been furnished as referred to in that paragraph.

6 Any requirement imposed by the Department under Articles 33 to 41 of the said Order of 1976 which is in force immediately before the appointed day shall be deemed to have been imposed by the Secretary of State under sections 29 to 37 of the said Act of 1974 and may on or after that day be varied or rescinded by him under section 40 of the said Act of 1974.

7 Any notice issued by the Department under Article 44 or 45 of the said Order of 1976 which is in force immediately before the appointed day shall be deemed to have been issued by the Secretary of State under sections 38 and 39 of the said Act of 1974.

8 Articles 19(2) and 65(2) of the said Order of 1976 (duty to notify changes of appointed actuaries or of directors, controllers or managers) shall continue to have effect after the appointed day in respect of any changes which take place before that day.

9 Articles 67 to 70 of the said Order of 1976 (power to make certain orders and to alter financial year) and orders made under those Articles which are in force immediately before the appointed day shall continue to have effect after that day in respect of any financial year ending on or before the day immediately preceding the appointed day.

10 Articles 83 to 87 of the said Order of 1976 and regulations made under those Articles (industrial assurance business, Lloyd’s, unregistered companies) shall continue to have effect after the appointed day in respect of the business carried on in, and the returns relating to, any financial year ending on or before the day immediately preceding the appointed day.

11 Any asset valuation regulations made under Article 88 of the said Order of 1976 shall continue to have effect after the appointed day in relation to any valuation required to be made in respect of periods before that day.

12 Articles 89 to 92 of the said Order of 1976 (criminal proceedings) shall apply to proceedings under the said Order whether instituted before, on or after the appointed day.

13 Article 94 of the said Order of 1976 (annual report) shall continue to have effect as long as the Department exercises any functions under the said Order.

14 In so far as any power or duty conferred or imposed under any provision of the said Order of 1976 can be performed under a corresponding provision of the said Act of 1974 after the appointed day, all information obtained or provided under or for the purposes of any provision of the said Order shall be deemed to have been obtained or provided under or for the purposes of that corresponding provision.

15 The repeal of section 44(2) and (3) of, and Schedules 3 and 4 to, the M12 Insurance Companies Act (Northern Ireland) 1968 (which by virtue of Article 96(6) of the said Order of 1976 is not to take effect until the first rules under Article 62(2) of the said Order come into operation) shall not take effect until the first rules made under section 317 of the M13 Companies Act (Northern Ireland) 1960 by virtue of section 51(2) of the said Act of 1974 come into operation.

Marginal Citations

M12 1968 c. 6 (N.I.)

M13 1960 c. 22 (N.I.)

16 The provisions of the Act of 1974, so far as extended to Northern Ireland in substitution for provisions of the said Order of 1976 relating to winding up, shall not affect any winding up commenced before the date on which the first rules made under section 317 of the Companies Act (Northern Ireland) 1960 by virtue of section 51(2) of the said Act of 1974 come into operation.

17 Without prejudice to section 4(1) of this Act, any enactment or document whatsoever referring to any enactment repealed by this Act shall be construed as referring (or including a reference) to the corresponding enactment in the said Act of 1974.

F20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

18

Textual Amendments

F20 Sch. 4 para. 18 repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6

19 Nothing in this Schedule shall be taken as prejudicing the operation of section 16(1) of the M14 Interpretation Act 1978 (which relates to repeals).

Marginal Citations

M14 1978 c. 30.

Section 4(3).

SCHEDULE 5 U.K. REPEALS

Modifications etc. (not altering text)

C13 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Section 4(4)

SCHEDULE 6 U.K. REVOCATIONS

Modifications etc. (not altering text)

C14 The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.