Security given under regulation 33(2)(a): maintenance or replacement
This section has no associated Explanatory Memorandum
35.—(1) This regulation applies to any security given under regulation 33(2)(a).
(2) At such times or at such intervals as the Public Guardian may direct by notice in writing, any person (“S”) who has given the security must satisfy the Public Guardian that any premiums payable in respect of it have been paid.
(3) Where S proposes to replace a security already given by him, the new security is not to be regarded as having been given until the Public Guardian is satisfied that—
(a)the requirements set out in sub-paragraphs (a) and (b) of regulation 33(3) have been met in relation to it; and
(b)no payment is due from S in connection with the discharge of his functions.