PART 6

Miscellaneous

Other miscellaneous provisions

Reinsurance for acts of terrorism
74
1
The Reinsurance (Acts of Terrorism) Act 1993 is amended as follows.
2
After section 2, insert—

Directions
2A
1
A relevant person must comply with any directions given to it by the Treasury under this section.
2
For the purposes of this section, a “relevant person” means—
a
a person who—
i
has entered into arrangements to which this Act applies (see section 2(1)) (whether before or after the passing of this Act), and
ii
has been classified as a public sector body by the Office for National Statistics (whether before or after the passing of this Act), or
b
a group undertaking of a person falling within paragraph (a) (within the meaning of section 1161 of the Companies Act 2006).
3
The Treasury may direct a relevant person to appoint a person to perform the functions of an accounting officer.
4
The Treasury may give a direction to a relevant person under this subsection if the Treasury consider it necessary for the purpose of ensuring compliance with any requirements associated with the classification, as mentioned in subsection (2)(a)(ii), of a person falling within subsection (2)(a).
5
Directions under subsection (4) may include provision about compliance with requirements relating to—
a
auditing;
b
accounting;
c
budgeting;
d
arm’s length bodies;
e
public sector bodies.
6
Before giving a direction under this section the Treasury must consult the relevant person to whom the Treasury intend to give a direction.
7
A direction under this section must be accompanied by a notice that—
a
states when the direction takes effect (see subsection (8)), and
b
gives the Treasury’s reasons for giving the direction.
8
A direction may, if the Treasury reasonably consider it necessary, take effect—
a
immediately it is given to the relevant person, or
b
on a later date specified in the direction.
9
A direction may be given so as to have effect—
a
for a specified period, or
b
until the occurrence of a specified event.
10
A direction under this section must be given in writing.
11
A direction under this section must—
a
be published in whatever manner the Treasury consider appropriate, and
b
be laid before Parliament.
12
A direction under this section may be varied or revoked by another direction under this section.

Compliance
2B
1
Compliance with a direction given under section 2A is enforceable—
a
by injunction, or
b
in Scotland, by interdict or by an order for specific performance under section 45 of the Court of Session Act 1988.
2
Proceedings under subsection (1) may be brought only by the Treasury.
S. 74 in force at 29.8.2023, see s. 86(2)(j)