The Auditors (Insurance Companies Act 1982) Regulations 1994

• Citation: S.I. 1994/449
• Sections: 3

Section 1 Citation and commencement

These Regulations may be cited as the Auditors (Insurance Companies Act 1982) Regulations 1994 and shall come into force on 1st July 1994.

Section 2 Interpretation

In these Regulations—

“ the Act ” means the Insurance Companies Act 1982;

“auditor” means auditor of an insurance company to which Part II of the Act applies;

“matters” means any matters which an auditor has become aware of in his capacity as auditor of an insurance company to which Part II of the Act applies and which are relevant to any functions of the Secretary of State under the Act.

Section 3 Duty of auditors to report to the Secretary of State

(1) Matters are to be communicated to the Secretary of State by an auditor in the circumstances specified in paragraph (2) below.

(2) The circumstances referred to in paragraph (1) above are circumstances in which the matters are such as to give an auditor reasonable cause to believe that they are or may be of material significance for determining whether any of the powers of intervention conferred on the Secretary of State by sections 38 to 45 of the Act should be exercised.