The Insurance Companies (Amendment No. 2) Regulations 1996

• Citation: S.I. 1996/944
• Sections: 8

Section 1 Citation, commencement and extent

(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.

Section 2 Interpretation

(1) In these Regulations—

“the 1982 Act ” means the Insurance Companies Act 1982 ;

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

“the 1994 Regulations ” means the Insurance Companies Regulations 1994 ; 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.

Section 3 Extended meaning of “member State” for purposes of Act

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

Section 4 Minor amendments of Act

(1) Subsection (8) of section 2 of the 1982 Act (restriction on carrying on insurance business) is hereby repealed.

(2) In subsection (4) of section 5 of that Act (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 Act (general interpretation)—

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

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

Section 5 Amendment of the 1983 Regulations

In paragraph (1) of regulation 3 of the 1983 Regulations (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;

Section 6 Amendment of the 1994 Regulations

In paragraph (1) of regulation 2 of the 1994 Regulations (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;

Section 7 Transitional provision: UK insurers

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 Act (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.

Section 8 Transitory provision

(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, the 1982 Act shall have effect in relation to an insurance company—

(a) whose head office is in that State; and

(b) which, apart from this paragraph, would on the commencement date become an EC company for all purposes of that Act,

as if the provision made as regards that State by section 2(7) of that Act had not been made.

(3) In this regulation, reference to an insurance company becoming an EC company is a reference to its becoming such a company by virtue of section 2(7) of the 1982 Act.