Deregulation (Insurance Companies Act 1982) Order 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/2102 |
| Year | 1996 |
1996 No. 2102
DEREGULATION
The Deregulation (Insurance Companies Act 1982) Order 1996
Made 7th August 1996
Coming into force 23th December 1996
Whereas:
(a) the Secretary of State is of the opinion that certain provisions of the Insurance Companies Act 19821impose burdens affecting persons in the carrying on of a trade, business, profession or otherwise and that by amending or repealing the provisions concerned and by making certain other provision it is possible to remove or reduce the burdens without removing any necessary protection;
(b) he has consulted such organisations as appear to him to be representative of interests substantially affected by his proposals and such other persons as he considers appropriate;
(c) it appears to the Secretary of State that it is appropriate, following that consultation, to proceed with the making of this Order;
(d) a document setting out the Secretary of State’s proposals has been laid before Parliament in accordance with section 3 of the Deregulation and Contracting Out Act 19942and the period for Parliamentary consideration under section 4 of that Act has expired;
(e) the Secretary of State has had regard to the representations made during that period;
(f) a draft of this Order has been laid before Parliament with a statement giving details of such representations and the changes (if any) to the Secretary of State’s proposals in the light of those representations; and
(g) a draft of this order has been approved by resolution of each House of Parliament.
Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 1 of the Deregulation and Contracting Out Act 1994, hereby makes the following Order: —
Citation and commencement
1.—(1) This Order may be cited as the Deregulation (Insurance Companies Act 1982) Order 1996.
(2) This Order shall come into force on 23rd December 1996.
Interpretation
2. In this Order, “the 1982 Act”means the Insurance Companies Act 1982.
Statement of long term business
3.—(1) In the 1982 Act —
(a)
(a) section 18(3) (which requires an insurance company to which Part II of the Act applies and which carries on long term business to prepare a statement of its long term business at least once in every period of five years), and
(b)
(b) section 42(1)(c) (power of the Secretary of State to require a statement of a company’s long term business to be prepared as at a specified date),
are hereby repealed.
(2) In consequence of paragraph (1) above, that Act shall be amended as follows —
(a)
(a) in section 18(5), the words “or statement”are hereby repealed, and
(b)
(b) in section 42 —
(i) in subsection (1), at the end of paragraph (a), there shall be inserted “and”and, at the end of paragraph (b), the word “and”is hereby repealed,
(ii) in subsection (3), the words “or statement”, in both places, are hereby repealed, and
(iii) in subsection (4), the words “or statement”are hereby repealed.
Statement of connected persons
4.—(1) Subsection (2) of section 22 of the 1982 Act (which requires that there should be deposited with the Secretary of State a statement of the names of certain persons connected with an insurance company to which Part II of that Act applies, and of their connection with the company) is hereby repealed.
(2) In subsection (3) of that section, the words “or (2)”are hereby repealed.
(3) In subsection (5) of that section, for “subsections (1) and (2)”there shall be substituted “subsection (1)”.
(4) In subsection (1)(a) of section 23 of that Act (right of shareholders and policy holders to receive copies of deposited documents), the words “or (2)”are hereby repealed.
(5) In subsection (1) of section 24 of that Act (deposit of accounts etc. by registered society), for “to which subsections (1) and (2) of that section apply”there shall be substituted “to which subsection (1) of that section applies”.
(6) In paragraph (a) of section 66 of that Act (documents deposited in Northern Ireland), the words “22(2)”are hereby repealed.
(7) In subsection (4)(a) of section 71 of that Act (offences under Part II), the words “or (2)”are hereby repealed.
(8) In subsection (2) of section 82 of that Act (industrial assurance business), the word...
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