The Contracting Out (Functions in Relation to Insurance) Order 1998

• Citation: S.I. 1998/2842
• Sections: 72

Section 1 Citation and commencement

(1) This Order may be cited as the Contracting Out (Functions in Relation to Insurance) Order 1998.

(2) This Order shall come into force on the day after the day on which it is made.

Section 2 Contracting out of functions of the Treasury

Any function of the Treasury which is listed in the Schedule to this Order may, to such extent as is specified, be exercised by, or by employees of, such person (if any) as may be authorised in that behalf by the Treasury.

Section 3 Supplementary

Anything which is authorised or required by or under any provision mentioned in the Schedule to this Order to be given, delivered, served, taken or done to, on or against the Treasury may be given, delivered, served, taken or done to, on or against such person (if any) as may be authorised by virtue of article 2 above.

Section 1

Functions conferred by or under any of the provisions of the Insurance Companies Act 1982 as follows.

Section 2

Section 3 (authorisation by Treasury).

Section 3

Section 5 (submission of proposals etc. ).

Section 4

Section 6 (combination of long term and general business).

Section 5

Section 7 (United Kingdom applicants).

Section 6

Section 8 (applicants from other member States).

Section 7

Section 9 except subsection (7) (applicants from outside the Community).

Section 8

Section 11 (withdrawal of authorisation in respect of new business).

Section 9

Section 12 (notices of withdrawal under section 11).

Section 10

Section 12A (suspension of authorisation in urgent cases).

Section 11

Section 13 (final withdrawal of authorisation).

Section 12

Section 19(2) (appointment of actuary by company with long term business).

Section 13

Section 21A(1), (2), (3) and (5) (communication by auditor with Treasury) except insofar as it relates to the making of regulations by the Treasury applying to any auditor or class of auditor and specifying circumstances in which matters are to be communicated to the Treasury.

Section 14

Section 22 (deposit of accounts etc. with Treasury).

Section 15

Section 23 (rights of shareholders and policyholders to receive copies of deposited documents).

Section 16

Section 24(1) (deposit of accounts etc. by registered society).

Section 17

Section 25(4) and (5) (periodic statements by company with prescribed class of business) except insofar as it relates to prescribing such period within which copies of any statement must be deposited with the Treasury.

Section 18

Section 26 (statements of transactions of prescribed class or description) except insofar as it relates to prescribing the classes or descriptions of agreements or arrangements appearing to the Treasury as likely to be undesirable in the interests of policyholders.

Section 19

Section 29(3) (application of assets of company with long term business).

Section 20

Section 30(3) (allocations to policyholders).

Section 21

Section 32(4) (margins of solvency).

Section 22

Section 33(1) and (2) (failure to maintain minimum margin).

Section 23

Section 37 (grounds on which powers are exercisable) except insofar as it relates to the functions under sections 43A, 44(2)(b) and (4A) and 44A.

Section 24

Section 38 (requirements about investments).

Section 25

Section 39 (maintenance of assets in the United Kingdom).

Section 26

Section 40 (custody of assets).

Section 27

Section 40A (prohibition on disposal of assets).

Section 28

Section 41 (limitation of premium income).

Section 29

Section 42 (actuarial investigations).

Section 30

Section 43 (acceleration of information required by accounting provisions).

Section 31

Section 44(1), (2)(a), (2A), (2B), (3) and (4) (power to obtain information and require production of documents) except insofar as the exercise of any of those functions would require any individual to produce any documents at such time and place as may be specified.

Section 32

Section 45 (residual power to impose requirements for protection of policyholders).

Section 33

Section 46 (notice of proposed exercise of powers on ground of unfitness of certain persons) except insofar as it relates to the functions under sections 43A, 44(2)(b) and (4A) and 44A.

Section 34

Section 47(1) and (3) (rescission, variation and publication of requirements) except insofar as it relates to a requirement imposed under sections 43A and 44(2)(b).

Section 35

Section 48(2A) (power of Treasury to bring civil proceedings on behalf of insurance company).

Section 36

Section 52A (issue of certificates by Treasury).

Section 37

Section 52B (effect of transfers authorised in other EEA States).

Section 38

Section 54 (winding up on petition of Treasury).

Section 39

Section 56(6) (continuation of long term business of insurance companies in liquidation).

Section 40

Section 60 (approval of proposed managing director or chief executive of insurance company).

Section 41

Section 61 (approval of person proposing to become controller of insurance company where section 60 does not apply).

Section 42

Section 61A (approval of acquisition of notifiable holding in UK company).

Section 43

Section 62(2) (duty to notify change of director, controller or manager).

Section 44

Section 63 (change of manager etc of company from outside United Kingdom).

Section 45

Section 64(1) (duty to notify change of main agent).

Section 46

Section 65(1) (documents deposited with Treasury).

Section 47

Section 69 (power to alter insurance company’s financial year).