Insurance Companies Act 1980

Insurance Companies Act 1980 An Act to extend the Insurance Companies Act 1974 to Northern Ireland, to amend that Act with respect to the functions of the Industrial Assurance Commissioner, and for connected purposes. The enactments specified in Schedule 3 to this Act shall have effect subject to the amendments there specified, being amendments consequential on the provisions of this Act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . This Act may be cited as the Insurance Companies Act 1980. This Act shall come into operation on such day as the Secretary of State may by order made by statutory instrument appoint. This Act extends to Northern Ireland. The Assurance Companies Rules 1950 (S.I. 1950/533). The Insurance Companies (Contents of Advertisements) Regulations 1974 (S.I. 1974/901). The Insurance Companies (Contents of Advertisements) (Amendment) Regulations 1974 (S.I. 1974/1052). The Insurance Companies (Linked Properties and Indices) Regulations 1975 (S.I. 1975/929). The Insurance Companies (Valuation of Assets) Regulations 1976 (S.I. 1976/87). The Insurance Companies (Intermediaries) Regulations 1976 (S.I. 1976/521). The Insurance Companies (Valuation of Assets) (Amendment) Regulations 1976 (S.I. 1976/2039). The Insurance Companies (Changes of Director, Controller or Manager) Regulations 1978 (S.I. 1978/722). The Insurance Companies (Notice of Long-Term Policy) Regulations 1978 (S.I. 1978/1304). The Insurance Companies (Valuation of Assets) (Amendment) Regulations 1980 (S.I. 1980/5). In regulation 2 of the Insurance Companies (Contents of Advertisements) Regulation 1974 for the words from “Great Britain” onwards there shall be substituted the words “the United Kingdom”. In regulation 4(2) of the said Regulations of 1974 at the end there shall be added the words “with the addition, in subsection (9) of that section of a reference to a scheme made under section 25 of the Charities Act (Northern Ireland) 1964 and to an authorised unit trust scheme within the meaning of the Prevention of Fraud (Investment) Act (Northern Ireland) 1940”. In regulation 5 of the said Regulations of 1974 for the words “the Insurance Companies Act 1958” there shall be substituted the words “Part II of the Insurance Companies Act 1974”. In regulation 2 of the Insurance Companies (Contents of Advertisements) (Amendment) Regulation 1974 for the words from “Great Britain” onwards there shall be substituted the words “the United Kingdom otherwise than by virtue of an authorisation to do so by or under section 3 of the Insurance Companies Act 1974”. In regulation 2 of the Insurance Companies (Valuation of Assets) Regulations 1976 — in the definition of “approved financial institution”— in sub-paragraph (c) for the words “Trustee Savings Bank Act 1969” there shall be substituted the words “Trustee Savings Banks Act 1976” ; in sub-paragraph (d) at the end there shall be added the words “or paragraph 23 of the Sixth Schedule to the Companies Act (Northern Ireland) 1960” ; in the definition of “equity share capital” from the words from “has” to “1948” there shall be substituted the words “, in relation to a company, means its issued share capital excluding any part thereof which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution” ; in the definition of “holding company” at the end there shall be added the words “or section 148 of the Companies Act (Northern Ireland) 1960”; in the definition of “quoted”— in sub-paragraph (a) at the end there shall be added the words “or the Companies Act (Northern Ireland) 1960”; in sub-paragraphs (b) and (c) for the words “Great Britain” there shall be substituted the words “the United Kingdom”. In regulation 3 of the Insurance Companies (Intermediaries) Regulations 1976— in paragraph (1)(e) after “1948” there shall be inserted the words “or section 144 of the Companies Act (Northern Ireland) 1960” ; in paragraph (4) after “1948” there shall be inserted the words “or section 148 of the Companies Act (Northern Ireland) 1960”. Regulation 7(1)(f) of the said regulations of 1976 shall be omitted. In the Schedule to the Insurance Companies (Changes of Director, Controller or Manager) Regulations 1978 — in Forms A, B and C for the words “Great Britain” wherever they occur there shall be substituted the words “the United Kingdom” ; in item 12 of Form A and item 12 of Form B after “1948” there shall be inserted the words “or section 148 of the Companies Act (Northern Ireland) 1960” ; in item 8 of Form C after “1948” in the first place where it occurs there shall be inserted “or section 355 of the Companies Act (Northern Ireland) 1960” ; after the words “address(es) of” there shall be inserted the word “any” and after “1948” in the second place where it occurs there shall be inserted the words “or under Part X of the Companies Act (Northern Ireland) Act 1960”. In section 3(2) of the Policyholders Protection Act 1975 for the words from “Great Britain” onwards substitute “ the United Kingdom ”. In Article 3(4) of the said Order of 1979— for “Northern Ireland” substitute “ the United Kingdom ” ; In Article 32(1)(b) of the said Order of 1979 for “Insurance Companies Order” substitute “ Insurance Companies Act 1974 ”. In Article 40 of the said Order of 1979— for the words from the beginning to “Order” substitute “ Sections 42 and 43 of the Insurance Companies Act 1974 ” ; for “Article 83(5)” substitute “ section 72(6) ”. In Schedule 5 to the said Order of 1979— in paragraph 1 for “Article 2(2) of the Insurance Companies Order” substitute “ section 85(1) of the Insurance Companies Act 1974 ”; in paragraph 6 for “Order” substitute “ Act 1974 ”. In this Schedule— “the appointed day” means the day appointed under section 5(2) of this Act for the coming into operation of this Act; “the Department” means the Department of Economic Development for Northern Ireland. Any thing done (including any instrument or document made, issued, confirmed or granted and any decision, authorisation, direction, consent, application, request or thing made, issued, given or done) under the Insurance Companies Act 1974 or the instruments specified in section 3(3) of this Act or in Part I of Schedule 2 to this Act shall in so far as it had effect immediately before the appointed day have effect on or after that day in relation to Northern Ireland as if that Act or those instruments extended to Northern Ireland at the time when that thing was done and that thing was done in relation to Northern Ireland as well as Great Britain. Articles 17 to 26 and 66 of the Insurance Companies (Northern Ireland) Order 1976 and regulations made under those Articles or Article 55(5) of that Order (preparation and submission to the Department of accounts and returns and other documents) shall continue to have effect after the appointed day in respect of any financial year ending on or before the day immediately preceding the appointed day and Article 72 of that Order (offences) shall also continue to have effect accordingly. Where it appears to the Secretary of State that before the appointed day an insurance company has failed to comply with the obligations referred to in sub-paragraph (b) of Article 32(1) of the said Order of 1976, the Secretary of State may exercise the powers under paragraph (b) of section 28(1) of the said Act of 1974 as if the failure had been a failure to comply with the obligations referred to in that paragraph. Where it appears to the Secretary of State that an insurance company has furnished misleading or inaccurate information to the Department as referred to in sub-paragraph (c) of Article 32(1) of the said Order of 1976, the Secretary of State may exercise the powers under paragraph (c) of section 28(1) of the said Act of 1974 as if the misleading or inaccurate information furnished had been furnished as referred to in that paragraph. Any requirement imposed by the Department under Articles 33 to 41 of the said Order of 1976 which is in force immediately before the appointed day shall be deemed to have been imposed by the Secretary of State under sections 29 to 37 of the said Act of 1974 and may on or after that day be varied or rescinded by him under section 40 of the said Act of 1974. Any notice issued by the Department under Article 44 or 45 of the said Order of 1976 which is in force immediately before the appointed day shall be deemed to have been issued by the Secretary of State under sections 38 and 39 of the said Act of 1974. Articles 19(2) and 65(2) of the said Order of 1976 (duty to notify changes of appointed actuaries or of directors, controllers or managers) shall continue to have effect after the appointed day in respect of any changes which take place before that day. Articles 67 to 70 of the said Order of 1976 (power to make certain orders and to alter financial year) and orders made under those Articles which are in force immediately before the appointed day shall continue to have effect after that day in respect of any financial year ending on or before the day immediately preceding the appointed day. Articles 83 to 87 of the said Order of 1976 and regulations made under those Articles (industrial assurance business, Lloyd’s, unregistered companies) shall continue to have effect after the appointed day in respect of the business carried on in, and the returns relating to, any financial year ending on or before the day immediately preceding the appointed day. Any asset valuation regulations made under Article 88 of the said Order of 1976 shall continue to have effect after the appointed day in relation to any valuation required to be made in respect of periods before that day. Articles 89 to 92 of the said Order of 1976 (criminal proceedings) shall apply to proceedings under the said Order whether instituted before, on or after the appointed day. Article 94 of the said Order of 1976 (annual report) shall continue to have effect as long as the Department exercises any functions under the said Order. In so far as any power or duty conferred or imposed under any provision of the said Order of 1976 can be performed under a corresponding provision of the said Act of 1974 after the appointed day, all information obtained or provided under or for the purposes of any provision of the said Order shall be deemed to have been obtained or provided under or for the purposes of that corresponding provision. The repeal of section 44(2) and (3) of, and Schedules 3 and 4 to, the Insurance Companies Act (Northern Ireland) 1968 (which by virtue of Article 96(6) of the said Order of 1976 is not to take effect until the first rules under Article 62(2) of the said Order come into operation) shall not take effect until the first rules made under section 317 of the Companies Act (Northern Ireland) 1960 by virtue of section 51(2) of the said Act of 1974 come into operation. The provisions of the Act of 1974, so far as extended to Northern Ireland in substitution for provisions of the said Order of 1976 relating to winding up, shall not affect any winding up commenced before the date on which the first rules made under section 317 of the Companies Act (Northern Ireland) 1960 by virtue of section 51(2) of the said Act of 1974 come into operation. Without prejudice to section 4(1) of this Act, any enactment or document whatsoever referring to any enactment repealed by this Act shall be construed as referring (or including a reference) to the corresponding enactment in the said Act of 1974. Nothing in this Schedule shall be taken as prejudicing the operation of section 16(1) of the Interpretation Act 1978 (which relates to repeals). ................................................................................................................................. Act not in force at Royal Assent see s. 5(2); Act wholly in force at 1.6.1980 by S.I. 1980/678 Ss. 1,3 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. V S. 2 repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6 Ss. 1, 3 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. V The text of s. 4(1), Sch. 2 Pt. II paras. 8–14, 16, and Schs. 5 and 6 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991. S. 4(2)(3)(4) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. V 1.6.1980 appointed under s. 5(2) by S.I. 1980/678 Sch. 1 repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6 Sch. 2 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V Sch. 3 paras. 1, 2, 10-14 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V Sch. 3 paras. 1, 2, 10-14 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1, Pt.V Sch. 3 para. 3 repealed by Building Societies Act 1986 (c. 53, SIF 16), ss. 54(3)(a)(5), 119(5), 120, Sch. 19 Pt. III 1960 c. 22(N.I.) Sch. 3 para. 4 repealed (N.I.) (4.11.1996) by S.I. 1995/755 (N.I. 2), art. 185(2), Sch. 10; S.R. 1996/297, art. 2 Sch. 3 para. 5 repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I Sch. 3 para. 6 repealed by S.I. 1981/226 (N.I. 6), art. 147(3), Sch. 4 Sch. 3 paras. 7, 8 repealed by S.I. 1981/154 (N.I. 1), art. 220(2), Sch. 8 and by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I 1968 c. 34(N.I.) Sch. 3 para. 9 repealed (prosp.) by 1997 c. 18, ss. 22, 23(3), Sch. 5 Sch 3 paras. 1, 2, 10-14 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1, Pt. V 1975 c. 75. Sch. 3 paras. 1, 2, 10-14 repealed (5.11.1993) by 1993, c. 50, s. 1(1), Sch. 1, Pt.V Sch. 3 para. 15(a)(c) repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I Sch. 3 para. 16 repealed (8.11.1995) by 1995 c. 44, s. 1(1), Sch. 1 Pt. IV Sch. 3 para. 19 repealed (8.11.1995) by 1995 c. 44, s. 1(1), Sch. 1 Pt. IV S.I. 1979/1574 (N.I. 13). The text of Sch. 3 is in the form in which it was originally enacted: it wase not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991. Sch. 4 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1, Pt. V Sch. 5 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt.V Sch. 6 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1, Pt.V Entries repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I Entry repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I Sch. 2 Pt. II paras. 1–7, 15 repealed by Insurance Companies Act 1981 (c. 31, SIF 67), s. 36, Sch. 5 Pt. I S.I. 1974/901 S.I. 1974/1052 S.I. 1976/87 S.I. 1976/521 S.I. 1978/722. Reference substituted by S.I. 1982/846 (N.I. 11), art. 5 1974 c. 49. S.I. 1976/59 (N.I. 3). 1968 c. 6 (N.I.) 1960 c. 22 (N.I.) Sch. 4 para. 18 repealed by Insurance Companies Act 1982 (c. 50, SIF 67), s. 99(3), Sch. 6 1978 c. 30.