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Insurance Companies Act 1981

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19Application of assets

(1)In subsection (1) of section 24 of the 1974 Act (assets of long term business to be applied only for purposes of that business) after the words " long term business " there shall be inserted " (a) " , and at the end there shall be added the words and

(b)shall not be transferred so as to be available for other purposes of the company except where the transfer constitutes reimbursement of expenditure borne by other assets (in the same or the last preceding financial year) in discharging liabilities wholly or partly attributable to long term business..

(2)After subsection (2) of that section (which authorises the distribution of surpluses of assets over liabilities) there shall be inserted—

(2A)Subsection (2) above shall not authorise a transfer or other application of assets by reference to an actuarial investigation at any time after the date when the abstract of the actuary's report of the investigation has been deposited with the Secretary of State in accordance with section 18(1) above or section 34(4) below..

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