The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

PART 4 FINAL PROVISIONS

Summary proceedings: venue and time limit

13.  Sections 1127 (summary proceedings: venue) and 1128 (summary proceedings: time limit for proceedings) of the Companies Act 2006 apply in relation to summary proceedings for any offence under these Regulations as they apply in relation to such proceedings for any offence under that Act.

Industrial and provident societies

14.—(1) Schedule 1 to these Regulations makes provision for the modification of the Friendly and Industrial and Provident Societies Act 1968(1) in its application to industrial and provident societies that are insurance undertakings for the purposes of these Regulations.

(2) Schedule 2 makes provision for the modification of the Industrial and Provident Societies (Northern Ireland) Act 1969 in its application to industrial and provident societies that are insurance undertakings for the purposes of these Regulations.

(3) The Industrial and Provident Societies (Group Accounts) Regulations 1969(2) and the Industrial and Provident Societies Act (Group Accounts) Regulations (Northern Ireland) 1969(3) do not apply to industrial and provident societies that are insurance undertakings for the purposes of these Regulations.

(4) Notwithstanding anything in the rules of the society, the committee of an industrial and provident society that is an insurance undertaking for the purposes of these Regulations may by resolution passed before 1st April 2009 make such amendments of the rules of the society as may be consequential on the provisions of these Regulations.

(5) The Authority is not required to register any amendment of the rules of such a society unless such consequential amendments of the rules of the society as are mentioned in paragraph (4) either have been made before the application for registration of that amendment or are to be effected by that amendment.

Consequential amendments

15.—(1) In section 1210 of the Companies Act 2006(4) (meaning of “statutory auditor” etc)—

(a) for subsection (1)(f) substitute—

“(f) a person appointed as auditor of an insurance undertaking for the purposes of the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008,”; and

(b) omit—

(i) subsection (1)(d), and

(ii) in subsection (3), omit the definition of “industrial and provident society”.

(2) In section 4A(3) of the Friendly and Industrial and Provident Societies Act 1968 (power to disapply obligation to appoint auditor: excluded cases)(5), omit paragraph (d) (but not the word “or” following it).

(3) In section 38A of the Industrial and Provident Societies (Northern Ireland) Act 1969 (power to disapply obligation to appoint auditor: excluded cases)(6), omit paragraph (c) (but not the word “or” following it).

Revocation

16.—(1) The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 1993(7) and the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations (Northern Ireland) 1994(8) are revoked.

(2) The regulations specified in paragraph (1) continue to apply to any financial year of an insurance undertaking beginning before 6th April 2008.

(1)

1968 c.55.

(2)

S.I. 1969/1037.

(3)

S.R. 1969/359.

(4)

2006 c.46.

(5)

Section 4A was inserted by article 8(1) of S.I. 1996/1738.

(6)

1969 c.24 (N.I.). Section 38A was inserted by paragraph 6 of Schedule 2 to S.I. 1997/2984 (N.I. 22).

(7)

S.I. 1993/3245, as amended by article 450 of S.I. 2001/3649, by regulation 8 of S.I. 2004/3379, by regulation 18 of S.I. 2004/3219 and by regulations 2 to 4 of S.I. 2005/1985.

(8)

S.R. 1994/429, as amended by S.R. 2006/353.