Insurance Companies Act 1958

12 Where, on the application of an insurance company carrying on general business of any class, not being a class in respect of which a separate fund is required to be maintained by section three of this Act, the Board of Trade are satisfied that, in the special circumstances of the company—

(a) that business or any part thereof ought to be treated as if it were not business of that class but were either—

(i) general business of some other class, cot being a class in respect of which a separate fund is required as aforesaid; or

(ii) business of a class not specified in section one of this Act; or

(b) that business ought to be treated as if it were long term business;

the Board may by order direct that, subject to such conditions as may be specified in the order, it shall be so treated for the purposes of this Act:

Provided that an order directing that any business shall be treated as if it were business of a class not specified in section one of this Act shall, in relation to that direction, specify as a condition that the company carries on other business which is general business and which is not directed by that or any other order under this paragraph to be treated as if it were business of a class not so specified or as if it were long term business.