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- Point in Time (05/01/1998)
- Original (As enacted)
Version Superseded: 01/12/2001
Point in time view as at 05/01/1998.
There are currently no known outstanding effects for the Insurance Companies Act 1958 (repealed).
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An Act to consolidate the Assurance Companies Acts 1909 to 1946, and the enactments amending those Acts with corrections and improvements made under the Consolidation of Enactments (Procedure) Act 1949.
[1st August 1958]
Modifications etc. (not altering text)
C1Act: functions transferred (5.1.1998) by S.I. 1997/2781, arts. 2(4), 7
1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(2)—(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(5)(5A)(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
Textual Amendments
F1S. 1(1) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
F2S. 1(2)–(4) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
F3S. 1(5)(5A)(6) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F4S. 2 repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
Textual Amendments
F5S. 3 repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
4(1)—(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
Textual Amendments
F6S. 4(1)–(4) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
7(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10
Textual Amendments
8(1)—(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14
Textual Amendments
F11S. 8(1)–(3) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
F13S. 8(5) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
F14Ss. 8(6), 9 repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F15Ss. 8(6), 9 repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F16S. 10 repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
Textual Amendments
F17Ss. 11, 12 repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
Textual Amendments
F18S. 13 repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F19S. 14 repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
17(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21
(2)(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22
Textual Amendments
F22S. 17(2)(3) repealed by virtue of Insurance Companies Act 1974 (c. 49), s. 89(6), Sch. 2, Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6 and S.I. 1985/95
[F24(1)The interest or dividends accruing due on a sum deposited with the Accountant General of the Supreme Court by any company under section 2 of the M1Assurance Companies Act 1909 or paragraph 1 of Schedule 2 to this Act, on securities in which a sum so deposited is for the time being invested or on securities so deposited shall be paid to the company.]
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25
Textual Amendments
F24S. 19(1) substituted by Administration of Justice Act 1965 (c. 2), Sch. 1
F25Ss. 19(2), 20(3) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
Marginal Citations
[F26(1)Regulations may be made with respect to applications for warrants, to the payment of deposits, the laying out thereof at interest or the investment thereof by the Accountant General in securities or the transfer thereof to one of the funds established by schemes made under [F27section 42 of the Administration of Justice Act 1982], and other dealing therewith, to the deposit of securities in lieu of money, to the payment of interest or dividends from time to time accruing due on deposits or any securities in which they are for the time being invested, or on any securities deposited in lieu of money, and to the withdrawal and transfer of deposits.]
[F28(2)The regulations made under the foregoing subsection in respect of the withdrawal of deposits shall include provision for allowing an insurance company to withdraw any deposit made by it if the [F29Industrial Assurance Commissioner][F30is] satisfied in manner provided by the regulations—
(a)in the case of a company carrying on general business, whether with or without long term business, that the value of the company’s assets exceeds the amount of its liabilities by [F31£50,000]; or
(b)in the case of a company carrying on long term business but not general business, either that it has a paid up share capital of fifty thousand pounds or more, or—
(i)in the case of a company required to keep a separate fund or funds, that the value of the assets of the fund or of each such fund exceeds the amount of the liabilities to which it may be applied and that the excess, or, where more than one such fund is kept, the aggregate excess, is not less than fifty thousand pounds;
(ii)in the case of a company not so required, that the value of the company’s assets exceeds the amount of its liabilities by fifty thousand pounds.]
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F32
Textual Amendments
F26S. 20(1) substituted by Administration of Justice Act 1965 (c. 2), Sch. 1
F27Words substituted by Administration of Justice Act 1982 (c. 53, SIF 34), ss. 46(2)(b), 48
F28S. 20(2) restored in its application to collecting societies as defined in Industrial Assurance Act 1923 (c. 8), s. 1 by Insurance Companies Amendment Act 1973 (c. 58), s. 51
F29Words substituted retrospectively by Insurance Companies Amendment Act 1973 (c. 58), s. 51
F30Word substituted by virtue of Insurance Companies Amendment Act 1973 (c. 58), s. 51
F31Figures substituted by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 4 Pt. II para. 17
F32Ss. 19(2), 20(3) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
Textual Amendments
F33Ss. 21–24 repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F34Ss. 25, 26 repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
Textual Amendments
F35S. 27 repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
Textual Amendments
F36S. 28 repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
Textual Amendments
F37S. 29 repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F38S. 30 repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
Textual Amendments
F39S. 31 repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
32(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F40
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F41
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F42
Textual Amendments
F40S. 32(1) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
33(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F43
(2)—(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F44
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F45
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F46
Textual Amendments
F43S. 33(1) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
F44S. 33(2)–(4) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
F45S. 33(5) repealed by Companies Act 1967 (c. 81), Sch. 7
F46S. 33(6) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
(1)The [F47Treasury] may make regulations under this Act for any purpose for which regulations are authorised or required to be made thereunder.
(2)Any power conferred by this Act to make regulations shall be exercisable by statutory instrument.
(3)Any statutory instrument containing regulations made under this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament:
. . . F48
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F49
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F50
Textual Amendments
F47Word in s. 34(1) substituted (5.1.1998) by virtue of S.I. 1997/2781, art. 8(1), Sch. Pt. II para. 96
F48S. 34(3) proviso repealed by Insurance Companies Amendment Act 1973 (c. 58), Sch. 2
F49S. 34(4) repealed by Companies Act 1967 (c. 81), Sch. 7
Textual Amendments
F51S. 35 repealed by Post Office Act 1969 (c. 48), Sch. 8 Pt. I
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F52
(2), (3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F53
(4)In so far as any instrument made or other thing done under an enactment repealed or revoked by this Act could have been made or done under a corresponding enactment in this Act, it shall not be invalidated by the repeals and revocations effected by the foregoing provisions of this section but shall have effect as if it had been made or done under that corresponding enactment.
Without prejudice to the generality of the foregoing provisions of this subsection, where an enactment repealed by this Act confers power to make rules but the corresponding enactment in this Act confers power to make regulations, rules made under the first-mentioned enactment in force at the commencement of this Act shall be deemed to be regulations and not rules, and references to rules made thereunder in an enactment not repealed by this Act shall be construed accordingly.
(5)Any enactment or other document whatsoever referring to any enactment repealed or revoked by this Act shall be construed as referring (or including a reference) to the corresponding enactment in this Act.
Without prejudice to the generality of the foregoing provisions of this subsection, any enactment or document whatsoever referring to an assurance company within the meaning of the M2Assurance Companies Act 1909, shall be construed as referring (or as including a reference) to an insurance company to which this Act applies.
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F54
(7)The mention of particular matters in this section shall not be held to prejudice or affect the general application of section thirty-eight of the M3Interpretation Act 1889, with regard to the effect of repeals; and the said section thirty-eight shall apply in relation to revocations effected by this Act as it applies in relation to repeals.
Textual Amendments
F54S. 36(6) repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
Marginal Citations
(1)This Act may be cited as the Insurance Companies Act 1958.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F55
(3)This Act shall not extend to Northern Ireland.
Textual Amendments
F55S. 37(2) repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F56Sch. 1 repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
F57Sch. 2 Pt. I repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
6(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F58
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F59
(3), (4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F60
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F61
(6)–(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F62
Textual Amendments
7—9.
Textual Amendments
10
Textual Amendments
11, 12.
Textual Amendments
F65Sch. 2 Pt. II paras. 11, 12 repealed by Companies Act 1967 (c. 81), Sch. 8 Pt. VI
13
Textual Amendments
F66Sch. 2 Pt. II para. 13 repealed by Companies Act 1967 (c. 81), Sch. 7
14
Textual Amendments
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F68Schs. 3, 4 repealed by virtue of Insurance Companies Act 1974 (c. 49), s. 89(6), Sch. 2, Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6 and S.I. 1985/95
Textual Amendments
F69Sch. 5 Pt. I repealed by Insurance Companies Act 1974 (c. 49), Sch. 2
Textual Amendments
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