Insurance Companies Act 1980

PART II Modifications of Regulations Extended

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 ".

The Industrial Assurance (Companies Forms, etc.) Regulations 1968

5 In regulation 1(1) of the [S.I. 1968/1571.] Industrial Assurance (Companies Forms, etc.) Regulations 1968 at the end of the definition of " collecting society " there shall be added the words " or Article 2(2) of the Industrial Assurance (Northern Ireland) Order 1979 ".

6 In regulation 5 of the said Regulations of 1968 after the words " that class " there shall be inserted the words " in respect of such business carried on in Great Britain and such a statement in respect of such business carried on in Northern Ireland ".

7 In regulation 7 of the said Regulations of 1968 after " 1923 " there shall be inserted the words " or Schedule 5 to the Industrial Assurance (Northern Ireland) Order 1979 ".

The Insurance Companies (Contents of Advertisements) Regulations 1974

8 In regulation 2 of the [S.I. 1974/901.] Insurance Companies (Contents of Advertisements) Regulations 1974 for the words from " Great Britain " onwards there shall be substituted the words " the United Kingdom ".

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 ".

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 ".

The Insurance Companies (Contents of Advertisements) (Amendment) Regulations 1974

11 In regulation 2 of the [S.I. 1974/1052.] Insurance Companies (Contents of Advertisements) (Amendment) Regulations 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 ".

The Insurance Companies (Valuation of Assets) Regulations 1976

12 In regulation 2 of the [S.I. 1976/87.] 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" 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 ;

(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 ".

The Insurance Companies {Intermediaries) Regulations 1976

13 In regulation 3 of the [S.I. 1976/521.] 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 ".

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

The Insurance Companies (Classes of General Business) Regulations 1977

15 In paragraph 7 of Schedule 3 to the [S.I. 1977/1552.] Insurance Companies (Classes of General Business) Regulations 1977—

(a) in sub-paragraph (a) at the end there shall be inserted the words " or sections 77(1)(a) and 86 of the Road Traffic Act (Northern Ireland) 1970 ";

(b) in sub-paragraph (c) at the end there shall be inserted the words " or Article 5(3)(6) of the Employer's Liability (Defective Equipment and Compulsory Insurance) (Northern Ireland) Order 1972 ".

The Insurance Companies (Changes of Director, Controller or Manager) Regulations 1978

16 In the Schedule to the [S.I. 1978/722.] 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) 1960 ".