Insurance Companies Act 1980

The Insurance Companies (Accounts and Forms) Regulations 1968

1 In regulation 1 of the [S.I. 1968/1408.] Insurance Companies (Accounts and Forms) Regulations 1968 for the words " the Insurance Companies Act 1958 as so amended " there shall be substituted the words " Part II of the Insurance Companies Act 1974 " and for the words from " Great Britain " onwards there shall be substituted the words " the United Kingdom no insurance business other than industrial assurance business ".

2 In regulation 2(2) of the said Regulations of 1968 after " 1967 " there shall be inserted the words " or sections 187 and 188 of the Companies Act (Northern Ireland) 1960 and Articles 14 to 20 of the Companies (Northern Ireland) Order 1978 " and after " 1948 " in the second place where it occurs there shall be inserted the words " or, as the case may be, the Companies Act (Northern Ireland) 1960 ".

3 In regulation 18(1) of the said Regulations of 1968—

(a) after the definition of " accounts " there shall be inserted the following definition—

• “' the Act ' means the Insurance Companies Act 1958 as amended by the Companies Act 1967 ;”;

(b) at the end of the definitions of "authorised unit trust scheme " and " unit trust scheme " there shall be added the words " or the Prevention of Fraud (Investments) Act (Northern Ireland) 1940 ";

(c) in the definition of " capital redemption contracts " for the words " section 59(6)(c) of the Companies Act 1967 " there shall be substituted the words " section 83(2Xc) of the Insurance Companies Act 1974 ";

(d) in the definition of " company" for the words from " the Act" onwards there shall be substituted the words " these Regulations apply ";

(e) in the definition of " equity share capital" for 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 ";

(f) in the definition of " long-term personal accident contracts " for the words " section 59(6)(b) of the Companies Act 1967 " there shall be substituted the words " section 83(2)(b) of the Insurance Companies Act 1974 ";

(g) in the definition of " quoted investment" for the words from "has" to " 1948" there shall be substituted the words " means an investment as respects which there has been granted a quotation or permission to deal on a recognised stock exchange, or on any stock exchange of repute outside the United Kingdom ";

(h) at the end of the definition of " subsidiary " there shall be added the words " or section 148 of the Companies Act (Northern Ireland) 1960 ".

4 In paragraph 5 of Schedule 5 to the said Regulations of 1968 after " 1929" there shall be inserted the words " or under the Industrial Assurance (Northern Ireland) Order 1979 ".