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Insurance Companies Act 1982

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This is the original version (as it was originally enacted).

38Requirements about investments

(1)The Secretary of State may require a company—

(a)not to make investments of a specified class or description ;

(b)to realise, before the expiration of a specified period (or such longer period as the Secretary of State may allow), the whole or a specified proportion of investments of a specified class or description held by the company when the requirement is imposed.

(2)A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund or funds maintained by the company in respect of its long term business or so as to apply only to other investments.

(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) above 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.

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