C1Part II Regulation of Insurance Companies
Powers of intervention
C238 Requirements about investments.
1
The F2Treasury 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 F2Treasury 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
F3i
whose head office is in an EFTA State, or
ii
which has in accordance with section 9(2) above made a deposit in an EEA State other than the United Kingdom, or
iii
which is a Swiss general insurance company,
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.
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)