Insurance Companies Amendment Act 1973

• (3) A notice of cancellation may, but need not, be in the form annexed to the statutory notice and shall have effect if, however expressed, it indicates the intention of the person serving it to withdraw from the transaction in relation to which the statutory notice was or ought to have been sent.

• (4) Where a person serves a notice of cancellation, then—

• (a) if at the time when the notice is served the contract has been entered into, the notice shall operate so as to rescind the contract;

• (b) in any other case, the service of the notice shall operate as a withdrawal of any offer to enter into the contract which is contained in, or implied by, any proposal made to the insurer by the person serving the notice of cancellation and as notice to the insurer that any such offer is withdrawn.

• (5) Where a notice of cancellation operates to rescind a contract or as the withdrawal of an offer to enter into a contract—

• (a) any sum which the person serving the notice has paid in connection with the contract (whether by way of premium or otherwise and whether to the insurer or to a person who is the agent of the insurer for the purpose of receiving that sum) shall be recoverable from the insurer by the person serving the notice ;

• (b) any sum which the insurer has paid under the contract shall be recoverable by him from the person serving the notice.

• (6) Any sum recoverable under subsection (5) above shall be recoverable as a simple contract debt in any court of competent jurisdiction.

Service of notice of cancellation

46

• (1) For the purposes of section 45 above a notice of cancellation—

• (a) shall be deemed to be served on the insurer if it is sent by post addressed to any person specified in the statutory notice as a person to whom a notice of cancellation may be sent, and is addressed to that person at an address so specified ; and

• (b) where paragraph (a) above applies, shall be deemed to be served on the insurer at the time when it is posted.

• (2) Subsection (1) above shall have effect without prejudice to the service of a notice of cancellation (whether by post or otherwise) in any way in which the notice could be served apart from that subsection, whether the notice is served on the insurer or on a person who is the agent of the insurer for the purpose of receiving such a notice.

• (3) A notice of cancellation which is sent by post to a person at his proper address, otherwise than in accordance with subsection (1) above, shall be deemed to be served on him at the time when it is posted.

• (4) So much of section 26 of the Interpretation Act 1889 as relates to the time when service is deemed to have been effected shall not apply to a notice of cancellation.

Linked long term policies

47

• (1) Regulations may be made, as respects the matters specified in subsection (2) below, in relation to contracts of the kinds mentioned in section 59(6) of the Act of 1967 (long term insurance contracts) which—

• (a) are entered into by insurance companies to which the Act of 1958 applies or by members of Lloyd's or of any other association of underwriters approved for the purposes of Part II of the Act of 1967 by the Secretary of State; and

• (b) are contracts under which the benefits payable to the policy holder are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).

• (2) Regulations under this section may make provision for—

• (a) restricting the descriptions of property or the indices of the value of property by reference to which benefits under the contracts may be determined;

• (b) regulating the manner in which and the frequency with which property of any description is to be valued for the purpose of determining such benefits and the times at which reference is to be made for that purpose to any index of the value of property ;

• (c) requiring insurers under the contracts to appoint valuers for carrying out valuations of property of any description for the purpose of determining such benefits (being valuers who comply with the prescribed requirements as to qualifications and independence from the insurer) and to furnish the Secretary of State with the prescribed information in relation to such appointments;

• (d) requiring insurers under the contracts to furnish, in such manner and at such times or intervals as may be prescribed, such information relating to the value of the benefits under the contracts as may be prescribed, whether by sending notices to policy holders, depositing statements with the Secretary of State or the registrar of companies, publication in the press or otherwise;

• (e) requiring insurers under the contracts to furnish to the Secretary of State, in such manner and at such times or intervals as may be prescribed, such information certified in such manner as may be prescribed with respect to so much of their business as is concerned with the contracts or with any class or description of the. contracts, and enabling the Secretary of State to publish such information in such ways as he thinks appropriate.

• (3) Regulations made for the purposes of subsection (2)(d) above may, in relation to notices required to be sent to policy holders, impose requirements (whether as to type, size, colour or disposition of lettering, quality or colour of paper, or otherwise) for securing that such notices are easily legible.

• (4) Regulations under this section may make different provision in relation to different cases or circumstances; and the Secretary of State may, on the application of any insurer, alter the requirements of any regulations under this section so as to adapt those requirements to the circumstances of that insurer or to any particular kind of contract entered into or proposed to be entered into by that insurer.

• (5) Regulations under this section may, to such extent as may be specified therein, apply in relation to contracts entered into before the coming into operation of the regulations, including contracts entered into before the passing of this Act.

• (6) Regulations under this section shall not apply in relation to any contract the effecting of which by the insurer constitutes the carrying on of industrial assurance business or to any contract entered into by an insurance company to which the Act of 1958 applies by reason only that the policy holder is eligible to participate in any established surplus as defined in section 9(4) above.

Scope of Prevention of Fraud (Investments) Act 1958

48

The agreements and arrangements mentioned in section 13(1) of the Prevention of Fraud (Investments) Act 1958 (misleading statements etc. inducing persons to invest money) and in the definition of " dealing in securities " in section 26(1) of that Act shall not include contracts of insurance.

Validation of formation of certain pre-1967 insurance companies

49

• (1) Section 434 of the Companies Act 1948 (which in certain cases forbids the formation otherwise than under that Act of a company, association or partnership consisting of more than twenty persons) shall be deemed not to have invalidated the formation of any insurance company which immediately before 3rd November 1966 was carrying on in Great Britain insurance business of any class relevant for the purposes of Part II of the Act of 1967 and is carrying on business of that class at the passing of this Act.

• (2) In subsection (1) above the reference to the said section 434 includes a reference to any corresponding enactment previously in force.

Validation of certain group policies

50

• (1) Section 2 of the Life Assurance Act 1774 (policy on life or lives or other event or events not valid unless name or names of assured etc. inserted when policy is made) shall not invalidate a policy for the benefit of unnamed persons from time to time falling within a specified class or description if the class or description is stated in the policy with sufficient particularity to make it possible to establish the identity of all persons who at any given time are entitled to benefit under the policy.

• (2) This section applies to policies effected before the passing of this Act as well as to policies effected thereafter.

Withdrawal of statutory deposits by collecting societies

51

The repeal by the Act of 1967 of subsection (2) of section 20 of the Act of 1958 (withdrawal of statutory deposits by insurance companies which satisfy the Board of Trade as to paid up share capital or margin of solvency) shall be deemed not to have extended to that subsection in its application to collecting societies as defined in section 1 of the Industrial Assurance Act 1923 ; and in its application to such societies that subsection shall have effect and be deemed always to have had effect as if for the reference to the Board of Trade there were substituted a reference to the Industrial Assurance Commissioner.

Supplementary

Offences and penalties

52

• (1) Any person who—

• (a) makes default in complying with sections 7 to 9 or 35(1) above or with any requirement imposed under section 13 above; or

• (b) in purported compliance with a requirement imposed under section 20 above furnishes information which he knows to be false in a material particular or recklessly furnishes information which is false in a material particular ; or

• (c) causes or permits to be included in—

• (i) any notice, statement or certificate served or furnished under or by virtue of section 3(6), 6(1) or 7(4) above;

• (ii) any document deposited with the Secretary of State under section 5(4) or 18(4) above; or

• (iii) any statement sent out under section 26(3)(b) above,

a statement which be knows to be false in a material particular or recklessly causes or permits to be so included any statement which is false in a material particular,

shall be guilty of an offence.

• (2) Any person guilty of an offence under subsection (1) above or under section 41, 42 or 43 above shall be liable—

• (a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine, or to both ;

• (b) on summary conviction, to a fine not exceeding £400

• (3) Subject to the following provisions of this section—

• (a) any insurance company which makes default in complying with, or with a requirement imposed under, any provision of this Act, being a default for which no penalty is provided by the foregoing provisions of this section; and

• (b) any other person who makes default in complying with, or with a requirement imposed under, section 6, 8(6), 10, 14, 15, 16, 17, 20, 21 26(4), 27(5) or 34(1) above,

shall be guilty of an offence and liable, on summary conviction, to a fine not exceeding £400.

• (4) Where a person continues to make default in complying with—

• (a) section 5(4), 18(4) or 39(3) above, section 8(1) of the Act of 1958 or section 77(1) of the Act of 1967 ; or

• (b) a requirement imposed under section 19 or 20(1) above,

after being convicted of that default he shall be guilty of a further offence and liable on summary conviction to a fine not exceeding £40 for each day on which the default so continues.

• (5) A person shall not be guilty of an offence by reason of his default in complying with section 34 or 35(1) above if he proves that he did not know that the acts or circumstances by virtue of which he became or ceased to be a controller of the body in question were such as to have that effect.

• (6) Where a person is charged with an offence in respect of his default in complying with a requirement imposed under section 20(2) or (3) above to produce any books or papers it shall be a defence to prove that they were not in his possession or control and that it was not reasonably practicable for him to comply with the requirement.

• (7) In section 89 of the Act of 1967 (criminal liability of director etc. of body corporate) after the word " director " there shall be inserted the words " chief executive " ; and that section and sections 88, 90 and 91 of that Act (other provisions about criminal proceedings under Part II of that Act) shall have effect as if this Act were contained in Part II of that Act.

• (8) In sections 60(4), 84(2) and 85(1) of the Act of 1967 (penalty for offences under that Act) for the words following " on summary conviction " there shall be substituted the words " to a fine not exceeding £400 " , but this subsection does not affect the penalty that can be imposed under those sections in respect of an offence committed before the passing of this Act.

Regulations and orders

53

• (1) Section 34 of the Act of 1958 (which provides that regulations for the purposes of that Act are to be made by the Secretary of State and are to be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament) shall apply also in relation to this Act.

• (2) The power to make orders under sections 1 and 28 above shall be exercisable by statutory instrument and no such order shall be made unless a draft of it has been approved by resolution of each House of Parliament.

Minor and consequential amendments and repeals

54

• (1) The enactments mentioned in Schedule 1 to this Act shall have effect subject to the amendments there specified, being minor amendments and amendments consequential on the provisions of this Act.

• (2) Any functions of the Secretary of State under the Act of 1958 and Part II of the Act of 1967 shall cease to be exercisable concurrently by the Board of Trade.

• (3) The enactments mentioned in Schedule 2 to this Act (which include spent enactments) are hereby repealed to the extent specified in the third column of that Schedule.

• (4) The repeal of sections 65, 68 and 80 and subsection (1)(f) of section 109 of the Act of 1967 does not affect—

• (a) any requirement or direction imposed or given under any of those sections before the passing of this Act; or

• (b) the giving of a direction under the said section 68 in any case in which a notice has been served under subsection (3) of that section before the passing of this Act; or

• (c) the exercise by an officer of any powers under the said section 109 in a case in which he has been authorised before the passing of this Act to exercise them ;

and the Act of 1967 shall have effect in relation to any such requirement, direction or powers as if this Act had not been passed.

• (5) Any order under paragraph 10 of Schedule 2 to the Act of 1958 or section 92 of the Act of 1967 which is in force immediately before the passing of this Act shall have effect as if made under section 38 above ; and any modification or alteration which is then in force under section 4(5), 7(2) or 34(5) of the Act of 1958 shall have effect as if made by an order under the said section 38.

• (6) Any order under section 93 of the Act of 1967 which is in force immediately before the passing of this Act shall have effect as if made under section 37 above for the purposes of sections 7 to 9 above.

• (7) Any regulations made by the Industrial Assurance Commissioner by virtue of paragraph 6(2) of Schedule 2 to the Act of 1958 which are in force immediately before the passing of this Act shall, so far as they could have been made under subsection (1) of section 39 above, have effect as if made under that subsection.

• (8) The foregoing provisions of this section are without prejudice to section 38 of the Interpretation Act 1889 (effect of repeals).

Interpretation

55

• (1) In this Act—

• " the Act of 1958 " means the Insurance Companies Act 1958;

• " the Act of 1967 " means the Companies Act 1967 ;

• " contract of insurance " includes a contract to pay an annuity on human life ;

• " ordinary long-term insurance business " has the meaning given in section 59(6) of the Act of 1967 ;

• " long term policy holder " means a policy holder in respect of a policy the effecting of which by the insurer constituted the carrying on of long term business ;

• " mortgage", in relation to Scotland, means a heritable security within the meaning of section 9(8) of the Conveyancing and Feudal Reform (Scotland) Act 1970;

• " valuation regulations " means regulations under section 32 above.

• (2) References in this Act to a fund or funds maintained in respect of long term business are references to a fund or funds maintained under section 7(1)(b) above and in sections 25(2) and 30(7) above include references to a fund or funds maintained under section 3(1) of the Act of 1958.

• (3) The provisions of section 33(1) and (6) of the Act of 1958 and sections 94 and 102(2) to (4) of the Act of 1967 (interpretation of Act of 1958 and Part II of Act of 1967) shall apply also in relation to this Act.

• (4) In any provision of this Act except section 31 and in the Act of 1967 " controller ", " manager " and " chief executive " have the meaning given in section 2 above.

• (5) Any reference in sections 1, 2(1) to (4), (6) and (7) and 12(4) above and in sections 60 to 69 and section 104 of the Act of 1967 to an incorporated company or a company shall include a reference to any body corporate other than a registered society.

Application to Northern Ireland

56

• (1) This Act shall apply to Northern Ireland subject to the modifications specified in Schedule 3 to this Act.

• (2) This Act shall, so far as it relates to matters within the powers of the Parliament of Northern Ireland, be deemed for the purposes of section 6 of the Government of Ireland Act 1920 to be an Act passed before the appointed day within the meaning of that section.

Short title, citation and commencement

57

• (1) This Act may be cited as the Insurance Companies Amendment Act 1973.

• (2) The Insurance Companies Acts 1958 to 1967 and this Act may be cited together as the Insurance Companies Acts 1958 to 1973.

• (3) Section 11 above shall not take effect until the first regulations made for the purposes of that section come into operation.

• (4) Sections 26 and 27 above and the repeal of sections 11 and 12 of the Act of 1958 shall not take effect until the expiration of the period of six months beginning with the date of the passing of this Act; and, in relation to any amalgamation or transfer in respect of which proceedings under the said section 11 have been begun before the expiration of that period, that Act and the Act of 1967 shall continue to have effect as if this Act had not been passed.

• (5) The repeal of section 17(2) and (3) of the Act of 1958 and Schedules 3 and 4 to that Act shall not take effect until the date on which the first rules made by virtue of section 30(5) above come into operation ; and the provisions of this Act relating to winding up shall not affect any winding up commenced before that date.

• (6) The repeal of section 25 of the Act of 1958 shall not take effect until the date on which the first regulations under section 41 above come into operation.

• (7) Sections 33 to 35 above and the repeal of sections 82 and 83 of the Act of 1967 shall not take effect until the date on which the first regulations made for the purposes of sections 33 to 35 come into operation, and so long as the said sections 82 and 83 continue in force the Act of 1967 shall have effect in relation to them as if this Act had not been passed.

• (8) Sections 44 to 46 above shall not take effect until the first regulations under subsection (5) of the said section 44 come into operation.

SCHEDULE 1

The Insurance Companies Act 1958

1

In section 5(1) of the Act of 1958 for the words " ordinary long-term insurance business or industrial assurance business " there shall be substituted the words " long term business ".

2

In section 8 of the Act of 1958, in subsection (1) for the words " four copies " there shall be substituted the words " five copies " and for subsection (6) there shall be substituted—

(6) The company shall forward by post or otherwise to any shareholder or policy holder who applies for one— (a) a printed copy of any of the documents last deposited under subsection (1) of this section ; (b) a copy of any document supplied to the Secretary of State under subsection (2) of this section which relates to any of those documents ; (c) a copy of any report deposited with any of those documents under subsection (3) of this section.

3

In section 13 of the Act of 1958—

• (a) in subsection (1) for the words " the provisions of this Act as to winding up " there shall be substituted the words " the provisions of this Act and of the Insurance Companies Amendment Act 1973 as to winding up ";

• (b) in subsection (2) after " (a)" there shall be inserted the words " subject to any applicable valuation regulations made by virtue of section 32(2) of the Insurance Companies Amendment Act 1973, ";

• (c) in subsection (4) for the words " section three of this Act" there shall be substituted the words " section 30 of the Insurance Companies Amendment Act 1973 ".

4

In section 17(1) of the Act of 1958 for the words from "at the close of the period " to " section fourteen of this Act" there shall be substituted the words—

(a) at the close of the period to which— (i) the accounts and balance sheet of the company last deposited under section 8 of this Act; or (ii) any statement of the company last deposited under section 5 of the Insurance Companies Amendment Act 1973, relate; or (b) at any date or time specified in a requirement under section 18 or 20 of that Act

.

5

In section 23 of the Act of 1958 for the word " constituted " there shall be substituted the word " incorporated ".

6

In section 29 of the Act of 1958 after the words " this Act" (in both places) there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ";

7

In section 32(1) of the Act of 1958 after the words " this Act" there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ".

8

In section 33(1) of the Act of 1958, in the definition of " insolvent", for the words " sections two hundred and twenty-two and two hundred and twenty-three of the Companies Act 1948" there shall be substituted the words " sections 222 and 223 or section 399 of the Companies Act 1948 ".

9

In paragraph 8 of Schedule 2 to the Act of 1958 after the words " this Act " there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ".

The Companies Act 1967

10

In section 61(2) of the Act of 1967 after the words " Subject to the following provisions of this Part of this Act" there shall be inserted the words " and section 2 of the Insurance Companies Amendment Act 1973 ".

11

In section 77(1) of the Act of 1967 for the words " four copies of each account, balance sheet, extract, statement or report required by that Act" there shall be substituted the words " five copies of each document to which that subsection applies ".

12

In section 84(1)(b)(i) for the words " account, balance-sheet, abstract or statement" there shall be substituted the word " document ".

13

In section 94(4) of the Act of 1967 for the words "sections 3, 5 and 11 " there shall be substituted the words " section 5 ".

14

In section 98 of the Act of 1967 for the words " and this Part of this Act" there shall be inserted the words " this Part of this Act and the Insurance Companies Amendment Act 1973 ".

15

In section 110(1) of the Act of 1967 after the words " the last foregoing section " there shall be inserted the words " or section 20 of the Insurance Companies Amendment Act 1973 ".

16

In section 111(1) of the Act of 1967—

• (a) after the words " the Protection of Depositors Act 1963 " where they first occur there shall be inserted the words " or section 20(2) to (4) of the Insurance Companies Amendment Act 1973 ";

• (b) in paragraphs (a) and (c) after the words " this Act" there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ";

• (c) in paragraph (c) for the words " consider whether or not they should exercise with respect to the body" there shall be substituted the word " exercise ".

17

In section 116 of the Act of 1967—

• (a) in subsection (1) after the words " of this Act" there shall be inserted the words " or any requirement imposed under section 20(2) to (4) of the Insurance Companies Amendment Act 1973 ";

• (b) in subsection (2) at the end there shall be added the words " or section 20(2) to (4) of the Insurance Companies Amendment Act 1973 ".

SCHEDULE 2

SCHEDULE 3

General modifications

1

For references to the Secretary of State there shall be substituted references to the Ministry of Commerce for Northern Ireland and for the words " he " and " him " referring to the Secretary of State wherever they occur there shall be substituted the words " the Ministry ".

2

For the words " the Act of 1967 " and the words " the Act of 1958 " there shall be substituted the words " the Act of 1968 ".

Authorisation of insurance companies

3

In section 1, in subsection (1), for the words from " 62" to " 1967 ") " there shall be substituted " 5 of the Insurance Companies Act (Northern Ireland) 1968 (hereafter referred to as " the Act of 1968 ")" ; and in subsections (3) and (4) for " 62 " there shall be substituted " 5 ".

4

In section 2, in subsection (1) for " 61 " there shall be substituted " 4 " and in subsections (3) and (6) for " Great Britain" there shall be substituted " Northern Ireland ".

Accounts and statements

5

In section 3, in subsection (1) for the words from " 5 " to " 1958 ")" there shall be substituted the words " 16 of the Act of 1968 " and in subsections (2) and (3) for " 5 " there shall be substituted " 16 ".

6

In section 4, in subsection (1) for " 8 " and " 9 " there shall be substituted respectively " 19 " and " 21 "; in subsection (3) for " five " and " four " there shall be substituted respectively " four " and " three "; in subsection (4)(b) for " 5 " there shall be substituted " 16 "; subsection (5) shall be omitted ; and in subsection (6) for " 8 " and " (3) " there shall be substituted respectively " 19 " and " (4)".

7

In section 5(4) for " Five " there shall be substituted " Four " and for " 7 " and " 8 " there shall be substituted respectively " 18 " and " 19 ".

Assets and liabilities attributable to long term business

8

In section 8(2) for " 5 " there shall be substituted " 16 ".

9

In section 9, in subsection (3)(b) for " London and Edinburgh Gazettes " there shall be substituted " Belfast Gazette " and in subsection (4) for " 5 " there shall be substituted " 16 ".

10

In section 10(7), in the definitions of " company " and " equity share capital" for " 154(5)" there shall be substituted " 148(5) " and in those definitions and the definition of " share " for " 1948 " there shall be substituted " (Northern Ireland) 1960 ".

Powers of intervention

11

In section 12, in subsection (1)(b) and (c) the words "Part II of the Act of 1967 " shall be omitted ; in subsection (2) for " 13(1) " there shall be substituted " 25(1) " and for the words from " section 222 " to " 1948 " there shall be substituted " section 210 or 349 of the Companies Act (Northern Ireland) 1960 " ; and in subsection (4) for " 61 " there shall be substituted " 4 ".

12

In section 18, in subsection (3) for " 5" there shall be substituted " 16 " ; and in subsection (4) for " Five " there shall be substituted " Four " and for " 5 " and " 8 " there shall be respectively substituted " 16 " and " 19 ".

13

In section 19(1) for "8" there shall be substituted " 19 ".

14

In section 20, in subsection (3) for the word " him " where it occurs for the second time there shall be substituted " the Ministry or that person " and in subsection (6) for " 1948 " there shall be substituted " (Northern Ireland) 1960 ".

15

In section 22, in subsection (1)(b) for the words from " Department" onwards there shall be substituted " Ministry appointed for the purpose " and in subsection (5) for " Great Britain " there shall be substituted " Northern Ireland ".

16

In section 23(1)(b) for the words from " Department" onwards there shall be substituted " Ministry appointed for the purpose ".

17

In section 24, in subsection (4) for " London and Edinburgh Gazettes" there shall be substituted " Belfast Gazette " ; in subsection (5)(b) for "Northern Ireland" there shall be substituted " Great Britain ", the word " appropriate " shall be omitted, for " 73(1) " there shall be substituted " 101(1) " and for " 1965 " there shall be substituted " (Northern Ireland) 1969 " ; in subsection (7) for " 71(1) " and " 1965 " there shall be respectively substituted " 97 " and " 1969 ", for the word " Treasury " there shall be substituted the words " Ministry of Commerce for Northern Ireland " and the word " appropriate " where it twice occurs shall be omitted.

18

In section 25, in subsection (1) for " 37(1)" there shall be substituted " 57(1) " and the words from " Part" to " 1967 " shall be omitted ; and in subsection (2) for " 37(1)" there shall be substituted " 57(1) ".

Transfers of long term business

19

In section 26, in subsection (3) for|" London and Edinburgh Gazettes" and " Great Britain" there shall be substituted respectively " Belfast Gazette" and " Northern Ireland " ; in subsection (6) for " 61 " there shall be substituted " 4 " ; in subsection (7) for " 206 or 208" there shall be substituted " 197 or 199 " and for " 1948" there shall be substituted " (Northern Ireland) 1960 " ; in subsection (8) for the words from "England except " onwards there shall be substituted " Northern Ireland " ; in subsection (9) for "Northern Ireland" where it occurs for the first and second time there shall be substituted " Great Britain " and for the words "Northern Ireland" where they subsequently occur there shall be substituted " England or the Court of Session in Scotland " ; and in subsection (10) for " Great Britain" there shall be substituted " Northern Ireland ".

20

In section 27, in subsection (3) for " 1948 ", " 56(4)" and "Act 1946 " there shall be substituted respectively " (Northern Ireland) 1960 ", " 27(4) " and " (No. 2) Act (Northern Ireland) 1946 " ; in subsection (4) for " 1948 " there shall be substituted " (Northern Ireland) 1960 " ; and after subsection (5) there shall be inserted the following subsection:—

(6) Where a scheme is under section 26 of this Act in its application to Great Britain sanctioned by an order of the High Court of Justice in England or the Court of Session in Scotland and the transferee company carries on insurance business in Northern Ireland, that company shall, within ten days from the date on which the order is made or such longer period as the Ministry of Commerce for Northern Ireland may allow, deposit two office copies of the order with that Ministry.

.

Insolvency and winding up

21

In section 28, in subsection (1), for the words from " subsections (1) " to " 1958 " there shall be substituted the words " subsection (1) of section 25 of the Act of 1968 and subsection (4) of section 5 of that Act as applied by subsection (2) of the said section 25 " ; in subsections (2), (4), (5) and (6) for " 13 " there shall be substituted " 25 " ; in subsection (4) for " (3)" there shall be substituted " (5) " ; and in subsection (6) for the words " two hundred and twenty-two " there shall be substituted " 210 ", for " 1948 " where twice occurring there shall be substituted " (Northern Ireland) 1960 " and for " 222 and 399 " there shall be substituted " 210 and 349 ".

22

In section 29, in subsections (1) and (2) for the words " Companies Act 1948 " and " Act of 1948 " wherever they occur there shall be respectively substituted " Companies Act (Northern Ireland) 1960 " and " Act of 1960 " ; in subsection (2) for " 15 " there shall be substituted " 42 " and for the words " Northern Ireland " there shall be substituted " Great Britain " ; in paragraph (a) for " sections 222 and 223 " where they twice occur there shall be substituted " section 211 ", for " sections two hundred and twenty-two and two hundred and twenty-three" there shall be substituted " section 211 ", for " 399 " there shall be substituted " 349 " ; and in paragraph (b) the words from "Part II" to " 1967" shall be omitted; and for subsection (4) there shall be substituted the following subsection:—

(4) At the end of section 317 of the Companies Act (Northern Ireland) 1960 there shall be added the words " and for determining the amount of the liabilities of an insurance company to policy holders of any class or description for the purpose of proof in a winding up and generally for carrying into effect the provisions of the Insurance Companies Act (Northern Ireland) 1968 and the Insurance Companies Amendment Act 1973 with respect to the winding up of insurance companies.

.

23

In section 30, in subsection (5) for the words from " the generality " to " 1948 " there shall be substituted " section 21 of the Interpretation Act (Northern Ireland) 1954 and section 317 of the Companies Act (Northern Ireland) 1960 rules of court ", in paragraph (b) for "319" and " 1948 " there shall be respectively substituted " 287 and " 1960 " ; subsection (6) shall be omitted and in subsection (7) for " 333(1)" and " 1948 " there shall be respectively substituted " 299(1) " and " 1960 ".

24

In section 31, for subsection (4) there shall be substituted:—

(4) A special manager appointed under subsection (3) above shall give such security and account in such manner as the Ministry of Commerce for Northern Ireland directs and shall receive such remuneration as may be fixed by the court.

;

and in subsection (7) for " 245(1)" and " 1948 " there shall be substituted respectively " 227(1) "; and " (Northern Ireland) 1960 ".

Valuation regulations

25

In section 32, in subsection (3) for the words from the beginning to " 1967 " there shall be substituted " Paragraph (a) of section 5(4) of the Act of 1968 and that paragraph as applied by section 25(2) of that Act ".

Changes of director, controller or manager

26

In sections 33(3)(b) and 34(2)(b), for the words from " Department " to the end there shall be substituted " Ministry appointed for the purpose ".

Miscellaneous

27

In section 36, in subsection (1) for " 8 " there shall be substituted " 19 " ; and in subsection (3) for " 76(1)" there shall be substituted " 19(7) ".

28

In section 37, in subsection (2) the words " Part II of " shall be omitted, in subsection (4) for " section 4 ", " section 5 ", " section 7 " and " section 13 " there shall be respectively substituted " section 15 " , " section 16 ", " section 18 " and " section 25 ".

29

In section 38(4) for " 4, 5, 7, 8, 9 and 13 " there shall be substituted " 15, 16, 18, 19, 21 and 25 ".

30

In section 39, subsections (1) and (2) shall be omitted ; in subsection (3) for the word " Commissioner " there shall be substituted " Industrial Assurance Commissioner for Northern Ireland " ; in subsection (5) for " 4 of " and " 5, 7 and 8 " there shall be substituted respectively " 15 of " and " 16, 18 and 19 ".

31

Section 40 shall be omitted.

32

In section 43(2) for the words " Great Britain " there shall be substituted the words " Northern Ireland ".

33

In section 44 for the words " Part II", " Secretary of State " and " section 59(6)" there shall be substituted respectively the words " section 3 " , " Ministry of Commerce for Northern Ireland " and " the definition of ' ordinary long-term insurance business ' in section 72(1)".

34

In section 46 for " 26 " and " 1889 " there shall be substituted respectively " 24 " and " (Northern Ireland) 1954 ".

35

In section 47 for the words "section 59(6)", "Part II" and " Secretary of State " there shall be substituted respectively the words " the definition of ' ordinary long-term insurance business ' in section 72(1) " , " section 3" and " Ministry of Commerce for Northern Ireland ".

36

In section 48 for " 13(1)", " 1958 " and "26(1) " there shall be substituted respectively " 12(1) " " (Northern Ireland) 1940 " and " 22(1)".

37

Sections 49 and 51 shall be omitted.

Supplementary

38

In section 52, in subsection (3)(b) after " 27(5)" there shall be inserted " or (6) " ; in subsection (4) for paragraph (a) there shall be substituted " (a) section 5(4), 18(4) or 39(3) above or section 19(1) or 20(1) of the Act of 1968 ; or " ; in subsection (7) for " 89 ", " 88 ", " 90 " and " 91 " there shall be respectively substituted " 64 ", " 63 " 65 " and " 66 " and the words " Part II of " where they twice occur shall be omitted ; and in subsection (8) for " 60(4), 84(2) and 85(1) " there shall be substituted " 3(3), 37(2) and 62 ".

39

In section 53, in subsection (1) for the words from the beginning to " Parliament) " there shall be substituted the words " Section 69 of the Act of 1968 (which provides that regulations for the purposes of that Act are to be made by the Ministry of Commerce for Northern Ireland and are to be subject to annulment in pursuance of a resolution of either House of the Parliament of Northern Ireland) " ; and for subsection (2) there shall be substituted—

(2) No order shall be made under section 1 or 28 above unless a draft of it has been approved by resolution of each House of the Parliament of Northern Ireland.

40

In section 54, in subsections (1) and (3) for " Schedule 1 " and " Schedule 2 " there shall be substituted respectively " Schedule 4 " and " Schedule 5 " ; subsection (2) shah be omitted ; in subsection (4) for " 65, 68 and 80 " and " 68 " there shall be respectively substituted " 8, 11 and 31 " and " 11 " and the words " and subsection (1)(f) of section 109 " and paragraph (c) shall be omitted; in subsection (5) for the words from " paragraph 10 " to " 1967 " there shall be substituted " section 24 of, or paragraph 5 of Schedule 2 to, the Act of 1968 " and for " 4(5)", " 7(2) " and " 34(5) " there shall be respectively substituted " 15(5) ", " 18(2) " and " 69(3)" ; in subsection (6) for " 93 " there shall be substituted " 14(3) " ; subsection (7) shall be omitted ; and in subsection (8) for " 38 " and " 1889 " there shall be respectively substituted " 28 " and " (Northern Ireland) 1954 ".

41

In section 55, in subsection (1) for the definition of "the Act of 1958 " and " the Act of 1967 " there shall be substituted " ' the Act of 1968 ' means the Insurance Companies Act (Northern Ireland) 1968 " ; in the definition of " ordinary long-term insurance business " for " 59(6) " there shall be substituted " 72(1) " and after the definition of "long-term policy holder" there shall be inserted the following definition—

• " registrar of companies " has the meaning assigned to it by section 399(1) of the Companies Act (Northern Ireland) 1960;

in subsection (2) for " 3(1)" there shall be substituted " 14(1) "; in subsection (3) for " 33(1) and (6) " there shall be substituted " 72 " and the words from " and sections " to " the Act of 1967 " and " and Part II of the Act of 1967 " shall be omitted ; and in subsection (5) for " 60 to 69 and section 104 " there shall be substituted " 3 to 12 " ; and after subsection (5) there shall be inserted—

(6) Except when the context otherwise requires, references in this Act to any other enactment including an enactment of the Parliament of Northern Ireland shall be construed as references to that enactment as amended by or under any subsequent such enactment including this Act.

.

42

In section 57, subsection (2) shall be omitted; in subsection (4) for " 11 and 12 " and " 11 " there shall be respectively substituted " 40 and 41 " and " 40 " and the words " and the Act of 1967 " shall be omitted; in subsection (5) for " 17(2) and (3) " there shall be substituted " 44(2) and (3) " ; in subsection (6) for " 25 " there shall be substituted " 56 " ; and in subsection (7) for " 82 and 83 " in both places there shall be substituted " 22 and 23 ".

43

Schedules 1 and 2 shall be omitted.

SCHEDULE 4

The Insurance Companies Act (Northern Ireland) 1968

1

In section 4(2) after the words " Subject to the following provisions of this Part" there shall be inserted the words " and section 2 of the Insurance Companies Amendment Act 1973 ".

2

In section 5(4) after " (a)" there shall be inserted the words " subject to any applicable valuation regulations made by virtue of section 32(2) of the Insurance Companies Amendment Act 1973 ".

3

In section 16(1) for the words " ordinary long-term insurance business or industrial assurance business" there shall be substituted the words " long-term business ".

4

In section 19, in subsection (5) for the words " accepted by them as complying " there shall be substituted the words " being documents which comply " and for " 1967" there shall be substituted " 1973 " ; for subsection (6) there shall be substituted the following subsection—

(6) The company shall forward by post or otherwise to any shareholder or policy holder who applies for one— (a) a printed copy of any of the documents last deposited under subsection (1); (b) a copy of any document supplied to the Ministry under subsection (2) which relates to any of those documents ; (c) a copy of any report deposited with any of those documents under subsection (4)

;

and in subsection (9) for the words "account, balance sheet abstract or statement" there shall be substituted the word " document ";

5

For section 20(3) there shall be substituted—

(3) Section 97(1) of the Industrial and Provident Societies Act (Northern Ireland) 1969 shall have effect as if the reference to documents in the custody of the registrar under that Act included a reference to documents deposited with the registrar by virtue of this section.

6

In section 25—

• (a) in subsection (1) for the words " the provisions of this Act as to winding up" there shall be substituted the words " the provisions of this Act and of the Insurance Companies Amendment Act 1973 as to winding up ".

• (b) in subsection (6) for the words " section 14 " there shall be substituted the words " section 30 of the Insurance Companies Amendment Act 1973 ".

7

In section 33(1) after the words " section 32 " there shall be inserted the words " of this Act or section 20 of the Insurance Companies Amendment Act 1973 ".

8

In section 34(1)—

• (a) after the words " section 32 or 33 " there shall be inserted the words " of this Act or section 20(2) to (4) of the Insurance Companies Amendment Act 1973 ";

• (b) in paragraphs (a) and (b) after the words " this Act" there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ".

9

In section 38—

• (a) in subsection (1) after the words " section 32 " there shall be inserted the words " of this Act or any requirement imposed under section 20(2) to (4) of the Insurance Companies Amendment Act 1973 ";

• (b) in subsection (2) at the end there shall be added the words " or section 20(2) to (4) of the Insurance Companies Amendment Act 1973 ".

10

In section 44(1) for the words from " at the close of the period " to " 1947 " there shall be substituted the words—

(a) at the close of the period to which— (i) the accounts and balance sheet of the company last deposited under section 19 of this Act; or (ii) any statement of the company last deposited under section 5 of the Insurance Companies Amendment Act 1973, relate; or (b) at any date or time specified in a requirement under section 18 or 20 of that Act;

.

11

In section 52 for the word "constituted" there shall be substituted the word " incorporated ".

12

In section 54 the words from " on the application" to " applies" shall be omitted and for the words " that insurance company " there shall be substituted the words " an insurance company to which this Act applies ".

13

In section 58 after the words " this Act" (in both places) there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ".

14

la section 61 after the word " Act" there shall be inserted the words " and the Insurance Companies Amendment Act 1973 ".

15

In section 70 after the words " this Act" there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ".

16

In section 72(1) in the definition of " insolvent ", for the words " sections 210 and 211 " there shall be substituted the words " sections 210 and 211 or section 349 ".

17

In Schedule 2, in paragraph 3 after the words " this Act" there shall be inserted the words " or the Insurance Companies Amendment Act 1973 ".

SCHEDULE 5