Insurance Companies (Reserves) Act 1995 (repealed)
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Change 1
1 Equalisation reserve.
(1) After section 34 of the Insurance Companies Act 1982 there shall be inserted— General business: equalisation reserve. 34A (1) Every insurance company to which this section applies which carries on general business of a prescribed description shall maintain, in accordance with regulations made for the purposes of this section, a reserve (in this section referred to as an “equalisation reserve”) in respect of its general business of that description. (2) Subject to subsection (3) below, this section applies to any insurance company to which this Part of this Act applies— (a) whose head office is in the United Kingdom; (b) whose business in the United Kingdom is restricted to reinsurance; or (c) whose head office is not in a member State. (3) This section does not apply to an insurance company of a description prescribed for the purposes of this subsection. (4) Without prejudice to the generality of subsection (1) above, regulations made for the purposes of this section may make provision— (a) as to the circumstances in which, and times at which, amounts are to be placed to, or taken from, an equalisation reserve; (b) as to the determination of the amounts to be so placed or taken; and (c) as to such other matters incidental to the maintenance of an equalisation reserve as the Secretary of State considers expedient. (2) In section 32 of that Act (margin of solvency), after subsection (6) there shall be inserted— (7) In applying subsection (5) above, the amount of the company’s liabilities shall be taken to be increased by the amount of any reserve maintained under section 34A below.
1 Equalisation reserve.
(1) After section 34 of the Insurance Companies Act 1982 there shall be inserted— General business: equalisation reserve. 34A (1) Every insurance company to which this section applies which carries on general business of a prescribed description shall maintain, in accordance with regulations made for the purposes of this section, a reserve (in this section referred to as an “equalisation reserve”) in respect of its general business of that description. (2) Subject to subsection (3) below, this section applies to any insurance company to which this Part of this Act applies— (a) whose head office is in the United Kingdom; (b) whose business in the United Kingdom is restricted to reinsurance; or (c) whose head office is not in a member State. (3) This section does not apply to an insurance company of a description prescribed for the purposes of this subsection. (4) Without prejudice to the generality of subsection (1) above, regulations made for the purposes of this section may make provision— (a) as to the circumstances in which, and times at which, amounts are to be placed to, or taken from, an equalisation reserve; (b) as to the determination of the amounts to be so placed or taken; and (c) as to such other matters incidental to the maintenance of an equalisation reserve as the Secretary of State considers expedient. (2) In section 32 of that Act (margin of solvency), after subsection (6) there shall be inserted— (7) In applying subsection (5) above, the amount of the company’s liabilities shall be taken to be increased by the amount of any reserve maintained under section 34A below.
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