§ Mr. Stanleyasked the Secretary of State for Trade if he will detail fully the action taken by his Department by regulation or administrative action since the Insurance Companies Amendment Act 1973 came into force to safeguard the solvency of insurance companies.
§ Mr. Clinton DavisRegulations have been made under Sections 7, 41 and 43 of the Insurance Companies Amendment Act 1973 in respect of the identification of long-term assets and liabilities, and
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Section Power 1973 Act 1974 Act Times used Restriction on new business … … … … 13 29 4 Requirements about investments … … … … 14 30 140 Maintenance of assets in United Kingdom … … … … 15 31 168 Custody of assets … … … … 16 32 148 Limitation of premium income … … … … 17 33 77 Actuarial investigations … … … … 18 34 87 Acceleration of information required by accounting provisions … … … … 19 35 10 Obtaining information … … … … 20 36 209 Residual power to impose requirements for protection of policyholders … … … … 21 37 112 Notice of proposed exercise of power to restrict new business … … … … 22 38 50 control of advertisements and intermediaries, and under Section 78 of the Insurance Companies Act 1974 in relation to the valuation of assets. The Department examines each company's statutory returns, and in the light of this and of any other relevant factors discusses with the company any action that may be appropriate. Frequently such action is taken on an informal basis, but between 25th July 1973 and 31st March 1975 the Department's powers of intervention under the 1973 and 1974 Acts were used as follows: