Page 86 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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Chapter 15 Life Insurance Legislation
The insurance business in the UK is regulated by Insurance
Companies Act, 1982.
The Insurance Companies Act, 1982 classifies insurance
business into long term business and general business.
Any insurance business in UK can be carried out only with
authorisation of the Secretary of State.
As per regulations various statements of accounts are to be
deposited with the Secretary of State and are to be sent to
shareholders and policyholders.
Every insurance company is required to maintain a margin of
solvency.
Under the Act, detailed powers of intervention have been
