i e AT 11 of 2006 INSURANCE COMPANIES (AMALGAMATIONS) ACT 2006

Transcription

1 i e AT 11 of 2006 INSURANCE COMPANIES (AMALGAMATIONS) ACT 2006

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3 Insurane Companies (Amalgamations) At 2006 Index i e INSURANCE COMPANIES (AMALGAMATIONS) ACT 2006 Index Setion Page 1 Orders in respet of the amalgamation, reonstrution, et. of insurane ompanies [Repealed] Interpretation Short title... 7 ENDNOTES 9 TABLE OF LEGISLATION HISTORY 9 TABLE OF RENUMBERED PROVISIONS 9 TABLE OF ENDNOTE REFERENCES 9 AT 11 of 2006 Page 3

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5 Insurane Companies (Amalgamations) At 2006 Setion 1 i e INSURANCE COMPANIES (AMALGAMATIONS) ACT 2006 Reeived Royal Assent: 12 July 2006 Announed to Tynwald: 12 July 2006 Commened: 12 July 2006 AN ACT to enable the Treasury by order to make provision for the amalgamation of insurane ompanies; and for onneted purposes. 1 Orders in respet of the amalgamation, reonstrution, et. of insurane ompanies (1) The Treasury may by order make suh provision as it thinks fit (a) (b) in relation to the amalgamation of ompanies, whereby two or more ompanies amalgamate, and ontinue as one insurane ompany, whih is one of the amalgamating ompanies or a new ompany; in relation to merger relief and relief in respet of group reonstrutions under Part 1 of the Companies At 1992, inluding (without prejudie to the generality of the foregoing) provision for relieving insurane ompanies in speified irumstanes from the requirements of setion 46 (and suh other provisions as may be speified) of the Companies At (2) An order under this setion may amend any provision of the Companies Ats 1931 to 2004, the Insurane At 2008 or the Limited Liability Companies At 1996, or modify any provision of, or enatment made under those Ats in their appliation to insurane ompanies or shares of any lass or desription governed by the order or otherwise in suh manner as the Treasury thinks fit in order to give effet to the provisions of the order. 1 (3) An order under this setion (a) may empower the Isle of Man Finanial Servies Authority, in speified irumstanes or for speified purposes, to make regulations and give diretions; 2 (b) [Repealed] 3 AT 11 of 2006 Page 5

6 Setion 1 Insurane Companies (Amalgamations) At 2006 () (d) (e) (f) may prohibit the doing of anything regulated by the order otherwise than with the liene or permission of the Isle of Man Finanial Servies Authority; 4 may make provision for its enforement, inluding the reation of offenes punishable (i) (ii) on information with ustody for up to 2 years, or a fine or both; or on summary onvition with ustody for up to 6 months or with a fine of up to 5,000 (if not alulated on a daily basis) or with a fine of no more than 200 a day; may make provision with respet to the liability of offiers and others in respet of offenes ommitted by a ompany; may make provision for the review of deisions and ations of the Isle of Man Finanial Servies Authority in respet of appliations for amalgamation and amalgamations; 5 (g) may make provision for (h) (i) (ii) (iii) (iv) (v) (vi) (vii) matters anteedent to amalgamation; appliations for approval of amalgamation; the onditions subjet to whih amalgamation may take plae; the orporate struture of the ontinuing insurane ompany; the effet of amalgamation; ertifying amalgamation and the effet of suh ertifiation; the registration of douments relating to amalgamation under the Companies Ats 1931 to 2004; (viii) the jurisdition of the High Court to modify the effet of an amalgamation; (ix) (x) safeguarding reditors, members and others with a finanial or property interest in the ompany or its affairs; the obligations and duties of offiers and members of the ontinuing insurane ompany; may make suh other provision as the Treasury thinks fit for the purposes of giving effet to the order; and (i) may ontain onsequential, inidental, supplemental and transitional provisions. (4) An order under this setion shall be laid before Tynwald as soon as pratiable after it is made, and if Tynwald at the sitting at whih the order is laid or at the next following sitting fails to approve it, the order shall ease to have effet. Page 6 AT 11 of 2006

7 Insurane Companies (Amalgamations) At 2006 Setion 2 2 [Repealed] 6 3 Interpretation In this At amalgamation shall be onstrued in aordane with the Companies Ats 1931 to 2004; ompany means a body orporate; insurane ompany means an insurer under the Insurane At Short title This At may be ited as the Insurane Companies (Amalgamations) At AT 11 of 2006 Page 7

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9 Insurane Companies (Amalgamations) At 2006 Endnotes ENDNOTES Table of Legislation History Legislation Year and No Commenement Table of Renumbered Provisions Original Current Table of Endnote Referenes 1 Subs (2) amended by Insurane At 2008 Sh 8. 2 Para (a) amended by SD2015/0090 as amended by SD2015/ Para (b) repealed by SD2015/0090 as amended by SD2015/ Para () amended by SD2015/0090 as amended by SD2015/ Para (f) amended by SD2015/0090 as amended by SD2015/ S 2 repealed by Insurane At 2008 Sh 9. 7 Definition of insurane ompany amended by Insurane At 2008 Sh 8. AT 11 of 2006 Page 9