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Insurance Companies Act 1982

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Restriction on Carrying on Insurance Business

    1. Preliminary

      1. 1.Classification

      2. 2.Restriction on carrying on insurance business

    2. Authorised insurance companies

      1. 3.Authorisation by Secretary of State

      2. 4.Existing insurance companies

    3. Applications for authorisation

      1. 5.Submission of proposals etc

      2. 6.Combination of long term and general business

      3. 7.United Kingdom applicants

      4. 8.Applicants from other member States

      5. 9.Applicants from outside the Community

      6. 10.General representatives

    4. Withdrawal of authorisation

      1. 11.Withdrawal of authorisation in respect of new business

      2. 12.Notices of withdrawal under section 11

      3. 13.Final withdrawal of authorisation

    5. Offences

      1. 14.Offences under Part I

  3. Part II Regulation of Insurance Companies

    1. Preliminary

      1. 15.Insurance companies to which Part II applies

      2. 16.Restriction of business to insurance

    2. Accounts and statements

      1. 17.Annual accounts and balance sheets

      2. 18.Periodic actuarial investigation of company with long term business

      3. 19.Appointment of actuary by company with long term business

      4. 20.Annual statements by company with prescribed class of insurance business

      5. 21.Audit of accounts

      6. 22.Deposit of accounts etc. with Secretary of State

      7. 23.Right of shareholders and policy holders to receive copies of deposited documents

      8. 24.Deposit of accounts etc. by registered society

      9. 25.Periodic statements by company with prescribed class of business

      10. 26.Statements of transactions of prescribed class or description

      11. 27.Companies from outside the Community

    3. Assets and liabilities attributable to long term business

      1. 28.Separation of assets and liabilities attributable to long term business

      2. 29.Application of assets of company with long term business

      3. 30.Allocations to policy holders

      4. 31.Restriction on transactions with connected persons

    4. Financial resources

      1. 32.Margins of solvency

      2. 33.Failure to maintain minimum margin

      3. 34.Companies supervised in other member States

      4. 35.Form and situation of assets

    5. Liabilities of unlimited amount

      1. 36.Avoidance of contracts for unlimited amounts

    6. Powers of intervention

      1. 37.Grounds on which powers are exercisable

      2. 38.Requirements about investments

      3. 39.Maintenance of assets in the United Kingdom

      4. 40.Custody of assets

      5. 41.Limitation of premium income

      6. 42.Actuarial investigations

      7. 43.Acceleration of information required by accounting provisions

      8. 44.Power to obtain information and require production of documents

      9. 45.Residual power to impose requirements for protection of policy holders

      10. 46.Notice of proposed exercise of powers on ground of unfitness of certain persons

      11. 47.Rescission, variation and publication of requirements

      12. 48.Power of Secretary of State to bring civil proceedings on behalf of insurance company

    7. Transfers of long term business

      1. 49.Sanction of court for transfer of long term business

      2. 50.Provisions supplementary to section 49

    8. Transfers of general business

      1. 51.Approval of transfers of general business

      2. 52.Effect of approval under section 51

    9. Winding up

      1. 53.Winding up of insurance companies under Companies Acts

      2. 54.Winding up on petition of Secretary of State

      3. 55.Winding up of insurance companies with long term business

      4. 56.Continuation of long term business of insurance companies in liquidation

      5. 57.Subsidiary companies

      6. 58.Reduction of contracts as alternative to winding up

      7. 59.Winding up rules

    10. Changes of director, controller or manager etc

      1. 60.Approval of proposed managing director or chief executive of insurance company

      2. 61.Approval of person proposing to become controller of insurance company where section 60 does not apply. 62 Duty to notify change of director, controller or manager

      3. 63.Change of manager etc. of company from outside United Kingdom

      4. 64.Duty to notify change of main agent

    11. Miscellaneous

      1. 65.Documents deposited with Secretary of State

      2. 66.Documents deposited in Northern Ireland

      3. 67.Power to treat certain business as or as not being ordinary long-term insurance business

      4. 68.Power to modify Part II in relation to particular companies

      5. 69.Power to alter insurance company's financial year

      6. 70.Service of notices

      7. 71.Offences under Part II

  4. Part III Conduct of Insurance Business

    1. 72.Insurance advertisements

    2. 73.Misleading statements etc. inducing persons to enter into contracts of insurance

    3. 74.Intermediaries in insurance transactions

    4. 75.Statutory notice by insurer in relation to long term policy

    5. 76.Right to withdraw from transaction in respect of long term policy

    6. 77.Service of notice of cancellation

    7. 78.Linked long term policies

    8. 79.Scope of Prevention of Fraud (Investments) Acts

    9. 80.Capital redemption business

    10. 81.Penalties and offences under Part III

  5. Part IV Special Classes of Insurers

    1. 82.Industrial assurance business

    2. 83.Requirements to be complied with by Lloyd's underwriters

    3. 84.Lloyd's underwriters-financial resources

    4. 85.Lloyd's underwriters-transfer of business

    5. 86.Statement of business by Committee of Lloyd's

    6. 87.Companies established outside the United Kingdom

    7. 88.Unregistered companies

    8. 89.Insurance companies formed before 1967 in contravention of section 434 of the Companies Act 1948

  6. Part V Supplementary Provisions

    1. Valuation regulations

      1. 90.Power to make valuation regulations

    2. Criminal proceedings

      1. 91.Criminal liability of directors

      2. 92.Criminal proceedings against unincorporated bodies

      3. 93.Restriction on institution of prosecutions

      4. 94.Summary proceedings

    3. Interpretation

      1. 95.Insurance business

      2. 96.General interpretation

    4. Supplementary

      1. 97.Regulations and orders

      2. 98.Annual report by Secretary of State

      3. 99.Savings, transitionals, consequential amendments and repeals

      4. 100.Short title, commencement and extent

    1. Schedule 1

      Classes of long term business

    2. Schedule 2

      General business

    3. Schedule 3

      Determination of premium limit

    4. Schedule 4

      Saving and transitional provisions

    5. Schedule 5

      Consequential amendments

    6. Schedule 6

      Repeals

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