Insurance Companies Act 1982 (repealed)
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
5 Submission of proposals etc.
(1) The Treasuryshall not issue an authorisation under section 3 above unless— (a) the applicant has submitted to them such proposals as to the manner in which it proposes to carry on business, such financial forecasts and such other information as may be required by or in accordance with regulations under this Act, and (b) The Treasury are satisfied on the basis of that and any other information received by them that the application ought to be granted. (1A) The Treasury shall not issue an authorisation under section 3 above to an applicant which is a UK or non-EC company if it appears to the Treasury that the criteria of sound and prudent management are not or will not be fulfilled with respect to the applicant. (1B) The Treasury shall not issue an authorisation under section 3 above to an applicant which is a UK or non-EC company if it appears to the Treasury that— (a) the applicant is an undertaking which is closely linked with any person; and (b) the applicant’s close links with that person, or any matters relating to any non-EEA laws or administrative provisions to which that person is subject, are such as would prevent the effective exercise by the Treasury or the Secretary of State of his functions under this Act in relation to the applicant; and in this subsection “non-EEA laws” means laws of a country or territory outside the European Economic Area and “non-EEA administrative provisions” shall be construed accordingly. (1C) The Treasury shall not issue an authorisation under section 3 above to an applicant— (a) which is incorporated in the United Kingdom; (b) whose head office is outside the United Kingdom; (b) whose business is not restricted to business to which subsection (5) below applies; and (d) which is not excluded from each Directive mentioned in that subsection by Article 3 of that Directive. (2) Subject to subsection (3) below, the Treasury shall decide an application for an authorisation under section 3 above within six months of receiving the information referred to in subsection (1)(a) above; and if the Treasury refuse to issue the authorisation theyshall inform the applicant in writing of the reasons for the refusal. (3) The Treasury may defer a decision on an application for an authorisation under section 3 above for such period as may be necessary for the purpose of implementing any decision of the Council or Commission of the Communities under— (a) Article 29b(4) of the first general insurance Directive; or (b) Article 32b(4) of the first long term insurance Directive. (4) In this Act— 'criteria of sound and prudent management’ means the criteria set out in Schedule 2A to this Act; 'EEA State’ means a State which is a Contracting Party to the EEA Agreement . . .; 'EFTA State’ means an EEA State which is not a member State; 'non-EC company’ means an insurance company— (a) whose head office is not in a member State; (b) which is authorised under section 3 or 4 above; and (c) whose business in the United Kingdom is not restricted to reinsurance business; 'UK company’ means an insurance company— (a) which is incorporated in the United Kingdom; (b) whose head office is in the United Kingdom; (c) which is authorised under section 3 or 4 above; (d) whose business is not restricted to business to which subsection (5) below applies; and (e) which is not excluded from each Directive mentioned in that subsection by Article 3 of that Directive; and any reference in this Part to an applicant or body which is a UK or non-EC company includes a reference to an applicant or body which would be such a company if the authorisation sought by it were issued. (5) This subsection applies to— (a) reinsurance business; (b) business which is excluded from the first long term insurance Directive by Article 2(2) or (3) of that Directive; (c) business which is excluded from the first general insurance Directive by Article 2(2)(b) of that Directive; and (d) business which is exempted from the authorisation requirements contained in this Part of this Act by subsections (2) to (5) of section 2 above.
5 Submission of proposals etc.
(1) The Treasuryshall not issue an authorisation under section 3 above unless— (a) the applicant has submitted to them such proposals as to the manner in which it proposes to carry on business, such financial forecasts and such other information as may be required by or in accordance with regulations under this Act, and (b) The Treasury are satisfied on the basis of that and any other information received by them that the application ought to be granted. (1A) The Treasury shall not issue an authorisation under section 3 above to an applicant which is a UK or non-EC company if it appears to the Treasury that the criteria of sound and prudent management are not or will not be fulfilled with respect to the applicant. (1B) The Treasury shall not issue an authorisation under section 3 above to an applicant which is a UK or non-EC company if it appears to the Treasury that— (a) the applicant is an undertaking which is closely linked with any person; and (b) the applicant’s close links with that person, or any matters relating to any non-EEA laws or administrative provisions to which that person is subject, are such as would prevent the effective exercise by the Treasury or the Secretary of State of his functions under this Act in relation to the applicant; and in this subsection “non-EEA laws” means laws of a country or territory outside the European Economic Area and “non-EEA administrative provisions” shall be construed accordingly. (1C) The Treasury shall not issue an authorisation under section 3 above to an applicant— (a) which is incorporated in the United Kingdom; (b) whose head office is outside the United Kingdom; (b) whose business is not restricted to business to which subsection (5) below applies; and (d) which is not excluded from each Directive mentioned in that subsection by Article 3 of that Directive. (2) Subject to subsection (3) below, the Treasury shall decide an application for an authorisation under section 3 above within six months of receiving the information referred to in subsection (1)(a) above; and if the Treasury refuse to issue the authorisation theyshall inform the applicant in writing of the reasons for the refusal. (3) The Treasury may defer a decision on an application for an authorisation under section 3 above for such period as may be necessary for the purpose of implementing any decision of the Council or Commission of the Communities under— (a) Article 29b(4) of the first general insurance Directive; or (b) Article 32b(4) of the first long term insurance Directive. (4) In this Act— 'criteria of sound and prudent management’ means the criteria set out in Schedule 2A to this Act; 'EEA State’ means a State which is a Contracting Party to the EEA Agreement . . .; 'EFTA State’ means an EEA State which is not a member State; 'non-EC company’ means an insurance company— (a) whose head office is not in a member State; (b) which is authorised under section 3 or 4 above; and (c) whose business in the United Kingdom is not restricted to reinsurance business; 'UK company’ means an insurance company— (a) which is incorporated in the United Kingdom; (b) whose head office is in the United Kingdom; (c) which is authorised under section 3 or 4 above; (d) whose business is not restricted to business to which subsection (5) below applies; and (e) which is not excluded from each Directive mentioned in that subsection by Article 3 of that Directive; and any reference in this Part to an applicant or body which is a UK or non-EC company includes a reference to an applicant or body which would be such a company if the authorisation sought by it were issued. (5) This subsection applies to— (a) reinsurance business; (b) business which is excluded from the first long term insurance Directive by Article 2(2) or (3) of that Directive; (c) business which is excluded from the first general insurance Directive by Article 2(2)(b) of that Directive; and (d) business which is exempted from the authorisation requirements contained in this Part of this Act by subsections (2) to (5) of section 2 above.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.