Insurance Companies Act 1958

PART III Miscellaneous Special Cases

9 Regulations may provide that, in their application to an insurance company established in a country outside Great Britain, sections two and thirteen of this Act and this Schedule shall have effect subject to such adaptations of the references to paid up share capital and fifty thousand pounds as appear to the Board of Trade to be necessary having regard to the law relating to companies in force in that country or the currency of that country.

10 (1) Where, on the application of any insurance company carrying on general business, the Board of Trade are satisfied that it is guaranteed by another insurance company carrying on general business and satisfying the requirements for a guarantor set out in the following sub-paragraph, the Board may by order direct that, subject to such conditions as may be specified in the order, section thirteen of this Act shall not apply to the first-mentioned insurance company.

(2) A guarantor shall be required for the purposes of this paragraph to be either—

(a) a body corporate which has a paid up share capital of not less than fifty thousand pounds (as required by section two of this Act) and the value of whose assets exceeds the amount of its liabilities by the amount required by section thirteen of this Act; or

(b) an underwriter to whom this Act does not apply by virtue of subsection (6) of section one of this Act; or

(c) an insurance company as respects which, as being itself guaranteed by another insurance company, there is an order in force under this paragraph ;

and for the purposes of this paragraph, an insurance company shall be deemed to be guaranteed by another insurance company if, but only if, all its liabilities to policy holders in respect of insurance business of any class specified in section one of this Act are reinsured with or guaranteed by the other insurance company.

11 Where, on the application of any insurance company, the Board of Trade are satisfied—

(a) that it carries on business wholly or mainly for the purpose of insuring a limited class of persons having a financial or other interest in common ; and

(b) that, having regard to the limited nature of its business, the provisions of section thirteen of this Act are inappropriate or unduly onerous to the company ;

the Board may by order direct that, subject to such conditions as may be specified in the order, the said section thirteen shall not apply to the company, or shall apply so as to require that the value of the company's assets shall exceed the amount of its liabilities by a less amount than the amount specified in that section.

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.

13 Regulations made under section twenty of this Act in respect of the withdrawal of deposits shall include provision for allowing any insurance company as respects which a direction is given under paragraph 10 or paragraph 11 of this Schedule to withdraw any deposit made by it.

14 Any order made under this Part of this Schedule may be revoked by the Board of Trade—

(a) if the Board cease to be satisfied of the matters on the pound of which the order was made; or

(b) If the Board are satisfied that any condition specified in the order has not been complied with.