Insurance Companies (Amendment No. 2) Regulations 1996

JurisdictionUK Non-devolved
CitationSI 1996/944

1996 No. 944

INSURANCE

The Insurance Companies (Amendment No. 2) Regulations 1996

Made 24th March 1996

Laid before Parliament 28th March 1996

Coming into force 30th April 1996

The Secretary of State, being a Minister designated1for the purposes of section 2(2) of the European Communities Act 19722in relation to compulsory insurance in respect of, and other means of providing for, civil liability in relation to motor vehicles and trailers, the transfer of insurance contracts other than contracts of life assurance from one insurance undertaking to another, and in relation to the authorisation of the carrying on of insurance business and the regulation of such business and its conduct, the specification of insurers who may effect insurance required under or by virtue of any enactment, and the transfer of contracts of life assurance from one insurance undertaking to another and in relation to anything supplemental or incidental to those matters, in exercise of his powers under the said section 2(2) and of all other powers enabling him in that behalf, hereby makes the following Regulations:—

1 GENERAL

GENERAL

S-1 Citation, commencement and extent

Citation, commencement and extent

1.—(1) These Regulations may be cited as the Insurance Companies (Amendment No. 2) Regulations 1996 and shall come into force on 30th April 1996.

(2) These Regulations extend to Northern Ireland.

S-2 Interpretation

Interpretation

2.—(1) In these Regulations—

the 1982 Act” means the Insurance Companies Act 19823;

“the 1983 Regulations” means the Insurance Companies (Accounts and Statements) Regulations 19834;

“the 1994 Regulations” means the Insurance Companies Regulations 19945; and

“the commencement date” means 30th April 1996.

(2) In these Regulations expressions which are used in the 1982 Act have the same meanings as in that Act.

2 AMENDMENTS OF THE 1982 ACT

AMENDMENTS OF THE 1982 ACT

S-3 Extended meaning of “member State” for purposes of Act

Extended meaning of “member State” for purposes of Act

3. In subsection (7) of section 2 of the 1982 Act6(restrictions on carrying on insurance business), for the words “Austria, Iceland, Norway and Sweden” substitute the words “Iceland, Liechtenstein and Norway”.

S-4 Minor amendments of Act

Minor amendments of Act

4.—(1) Subsection (8) of section 2 of the 1982 Act7(restriction on carrying on insurance business) is hereby repealed.

(2) In subsection (4) of section 5 of that Act8(submission of proposals etc), in the definition of “EEA State”, omit the words from “but” to the end.

(3) In subsection (1) of section 96 of that Act9(general interpretation)—

(a)

(a) in the definition of “EEA State”, omit the words from “but” to the end; and

(b)

(b) in the definition of “member State”, omit the words “and (8)”.

3 AMENDMENTS OF REGULATIONS

AMENDMENTS OF REGULATIONS

S-5 Amendment of the 1983 Regulations

Amendment of the 1983 Regulations

5. In paragraph (1) of regulation 3 of the 1983 Regulations10(interpretation), for the definition of “the Act” substitute—

““the Act” means the Insurance Companies Act 1982 and includes amendments made to that Act by the Insurance Companies (Amendment No. 2) Regulations 1996;”.

S-6 Amendment of the 1994 Regulations

Amendment of the 1994 Regulations

6. In paragraph (1) of regulation 2 of the 1994 Regulations11(interpretation: general), for the definition of “the Act” substitute—

““the Act” means the Insurance Companies Act 1982 and includes amendments made to that Act by the Insurance Companies (Amendment No. 2) Regulations 1996;”.

4 MISCELLANEOUS AND SUPPLEMENTAL

MISCELLANEOUS AND SUPPLEMENTAL

S-7 Transitional provision: UK insurers

Transitional provision: UK insurers

7. If a UK company or a member of Lloyd’s was immediately before the commencement date lawfully carrying on insurance business of a class or part of a class in Liechtenstein, the company or member shall be treated for the purposes of the 1982 Act as if the requirements of paragraph 1 of Schedule 2G to that Act12(recognition in other EEA States of UK insurers) had been complied with in relation to insurance business or long term business of that class or part of a class.

S-8 Transitory provision

Transitory provision

8.—(1) This regulation applies if in Liechtenstein the third general insurance Directive and the third long term insurance Directive are not fully or substantially implemented on or before the commencement date.

(2) Until such date as those Directives are fully or substantially implemented in that State, ...

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