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Insurance Companies Act 1981

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This is the original version (as it was originally enacted).

23Powers of intervention

(1)Section 29 of the 1974 Act (restrictions on new business) shall cease to have effect.

(2)At the end of section 30 of the 1974 Act (requirements about investments) there shall be added—

(3)A requirement under this section shall not apply to the assets of a company so far as their value exceeds—

(a)in the case of a company whose head office is in a member State other than the United Kingdom, or which has in accordance with section 9(2) of the Insurance Companies Act 1981 made a deposit in such a member State, the amount of the liabilities of the business carried on by the company in the United Kingdom ;

(b)in any other case, the amount of the liabilities of the company; that value and amount being determined in accordance with any applicable valuation regulations..

(3)In subsection (5) of section 31 of the 1974 Act (maintenance of assets in the United Kingdom) for the words from " arising " to the end there shall be substituted the words

of the business carried on by the company in the United Kingdom.

(4)At the end of section 37 of the 1974 Act (residual power) there shall be added—

(2)The power conferred by this section shall not be exercised in such a way as to restrict the company's freedom to dispose of its assets except where it is exercised—

(a)after the Secretary of State has given a direction under section 11 of the Insurance Companies Act 1981; or

(b)on the ground that it appears to the Secretary of State that the company has failed to satisfy an obligation to which it is subject by virtue of section 26B, 26C or 26D above ; or

(c)where the ground for intervention arises out of the submission by the company to the Secretary of State of an account or statement specifying, as the amount of any liabilities of the company, an amount appearing to the Secretary of State to have been determined otherwise than in accordance with valuation regulations or, where no such regulations are applicable, generally accepted accounting concepts, bases and policies or other generally accepted methods appropriate for insurance companies..

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