UKPGA-1995-29 — Insurance Companies (Reserves) Act 1995 (repealed)

s. 1 — Equalisation reserve.

s. 1(1)

After section 34 of the Insurance Companies Act 1982 there shall be inserted—

s. 1(2)

In section 32 of that Act (margin of solvency), after subsection (6) there shall be inserted—

s. 2 — Power to modify equalisation reserve requirements in relation to particular companies.

s. 2(1)

Section 68 of the Insurance Companies Act 1982 (power to modify Part II in relation to particular companies) shall be amended as follows.

s. 2(2)

In subsection (4), for “and 25 to 36” there shall be substituted “ 25 to 34 and 35 to 36 ”.

s. 2(3)

After that subsection there shall be inserted—

s. 3 — Consequential amendments.

s. 3(1)

Schedule 9A to the Companies Act 1985 and Schedule 9A to the Companies (Northern Ireland) Order 1986 (form and content of accounts of insurance companies and groups) shall be amended as follows.

s. 3(2)

In Note (24) on the balance sheet format set out in Section B—

s. 3(2)(a)

after “(Liabilities item C.5)” there shall be inserted—; and

s. 3(2)(b)

after “This item shall” there shall be inserted “ also ”.

s. 3(3)

For paragraph 50 there shall be substituted—.

s. 4 — Short title, commencement and extent.

s. 4(1)

This Act may be cited as the Insurance Companies (Reserves) Act 1995.

s. 4(2)

Sections 1 and 3 of this Act shall come into force on such day as the Secretary of State may by order made by statutory instrument appoint.

s. 4(3)

This Act extends to Northern Ireland.