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Insurance Companies (Reserves) Act 1995

Consolidated Text As Enacted Cited authorities 11 Cited in Amendments 12 Related
Vincent
JurisdictionUK Non-devolved
Citation1995 c. 29
(1) After section 34 of the Every insurance company to which this section applies which carries on general business of a prescribed description shall maintain, in accordance with regulations made for the purposes of this section, a reserve (in this section referred to as an “equalisation reserve”) in respect of its general business of that description.whose head office is in the United Kingdom;whose business in the United Kingdom is restricted to reinsurance; orwhose head office is not in a member State.This section does not apply to an insurance company of a description prescribed for the purposes of this subsection.as to the circumstances in which, and times at which, amounts are to be placed to, or taken from, an equalisation reserve;as to the determination of the amounts to be so placed or taken; andas to such other matters incidental to the maintenance of an equalisation reserve as the Secretary of State considers expedient.(2) In section 32 of that Act (margin of solvency) , after subsection (6) there shall be inserted—
  • “(7) In applying subsection (5) above, the amount of the company’s liabilities shall be taken to be increased by the amount of any reserve maintained under section 34A below.
In applying subsection (5) above, the amount of the company’s liabilities shall be taken to be increased by the amount of any reserve maintained under section 34A below.(1) Section 68 of the (2) In subsection (4) , for “and 25 to 36” there shall be substituted “ 25 to 34 and 35 to 36 ”.

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