Insurance Companies (Amalgamations) Act 2006

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/2006/2006-0011/InsuranceCompaniesAmalgamationsAct2006_2.pdf
Published: 2015-11-01

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Insurance Companies (Amalgamations) Act 2006

c i e
AT 11 of 2006

INSURANCE COMPANIES

(AMALGAMATIONS) ACT 2006

Insurance Companies (Amalgamations) Act 2006 Index


c AT 11 of 2006 Page 3

c i e
INSURANCE COMPANIES (AMALGAMATIONS) ACT

2006

Index Section Page

1 Orders in respect of the amalgamation, reconstruction, etc. of insurance
companies ........................................................................................................................ 5
2 [Repealed] ........................................................................................................................ 7
3 Interpretation ................................................................................................................... 7
4 Short title .......................................................................................................................... 7
ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Insurance Companies (Amalgamations) Act 2006 Section 1


c AT 11 of 2006 Page 5

c i e
INSURANCE COMPANIES (AMALGAMATIONS) ACT

2006

Received Royal Assent: 12 July 2006
Announced to Tynwald: 12 July 2006
Commenced: 12 July 2006
AN ACT
to enable the Treasury by order to make provision for the
amalgamation of insurance companies; and for connected purposes.
1 Orders in respect of the amalgamation, reconstruction, etc. of insurance

companies

(1) The Treasury may by order make such provision as it thinks fit —
(a) in relation to the amalgamation of companies, whereby two or
more companies amalgamate, and continue as one insurance
company, which is one of the amalgamating companies or a new
company;
(b) in relation to merger relief and relief in respect of group
reconstructions under Part 1 of the Companies Act 1992, including
(without prejudice to the generality of the foregoing) provision for
relieving insurance companies in specified circumstances from the
requirements of section 46 (and such other provisions as may be
specified) of the Companies Act 1931.
(2) An order under this section may amend any provision of the Companies
Acts 1931 to 2004, the Insurance Act 2008 or the Limited Liability Companies
Act 1996, or modify any provision of, or enactment made under those
Acts in their application to insurance companies or shares of any class or
description governed by the order or otherwise in such manner as the
Treasury thinks fit in order to give effect to the provisions of the order.1

(3) An order under this section —
(a) may empower the Isle of Man Financial Services Authority, in
specified circumstances or for specified purposes, to make
regulations and give directions;2

(b) [Repealed]3

Section 1 Insurance Companies (Amalgamations) Act 2006


Page 6 AT 11 of 2006 c

(c) may prohibit the doing of anything regulated by the order
otherwise than with the licence or permission of the Isle of Man
Financial Services Authority;4

(d) may make provision for its enforcement, including the creation of
offences punishable —
(i) on information with custody for up to 2 years, or a fine or
both; or
(ii) on summary conviction with custody for up to 6 months or
with a fine of up to £5,000 (if not calculated on a daily
basis) or with a fine of no more than £200 a day;
(e) may make provision with respect to the liability of officers and
others in respect of offences committed by a company;
(f) may make provision for the review of decisions and actions of the
Isle of Man Financial Services Authority in respect of applications
for amalgamation and amalgamations;5

(g) may make provision for —
(i) matters antecedent to amalgamation;
(ii) applications for approval of amalgamation;
(iii) the conditions subject to which amalgamation may take
place;
(iv) the corporate structure of the continuing insurance
company;
(v) the effect of amalgamation;
(vi) certifying amalgamation and the effect of such certification;
(vii) the registration of documents relating to amalgamation
under the Companies Acts 1931 to 2004;
(viii) the jurisdiction of the High Court to modify the effect of an
amalgamation;
(ix) safeguarding creditors, members and others with a
financial or property interest in the company or its affairs;
(x) the obligations and duties of officers and members of the
continuing insurance company;
(h) may make such other provision as the Treasury thinks fit for the
purposes of giving effect to the order; and
(i) may contain consequential, incidental, supplemental and
transitional provisions.
(4) An order under this section shall be laid before Tynwald as soon as
practicable after it is made, and if Tynwald at the sitting at which the
order is laid or at the next following sitting fails to approve it, the order
shall cease to have effect.
Insurance Companies (Amalgamations) Act 2006 Section 2


c AT 11 of 2006 Page 7

2 [Repealed]
6

3 Interpretation

In this Act —
“amalgamation
” shall be construed in accordance with the Companies Acts
1931 to 2004;
“company
” means a body corporate;
“insurance company
” means an insurer under the Insurance Act 2008.7

4 Short title

This Act may be cited as the Insurance Companies (Amalgamations) Act 2006.
Insurance Companies (Amalgamations) Act 2006 Endnotes


c AT 11 of 2006 Page 9

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Subs (2) amended by Insurance Act 2008 Sch 8. 2
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 3
Para (b) repealed by SD2015/0090 as amended by SD2015/0276. 4
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 5
Para (f) amended by SD2015/0090 as amended by SD2015/0276. 6
S 2 repealed by Insurance Act 2008 Sch 9. 7
Definition of “insurance company” amended by Insurance Act 2008 Sch 8.