Document ID: chunk:federal_register_of_legislation:C2004A02860:body:0:p6
Version: federal_register_of_legislation:C2004A02860
Segment Type: other
Provision Reference: 
Character Range: 11950–14752

description, including choses in action and money.".

Provisions in relation to the establishment of statutory funds in respect of classes of life insurance business
10. Section 40 of the Principal Act is amended—
    (a) by inserting after sub-section (9) the following sub-sections:
    "(10) Where it appears at any time to the Commissioner that a direction given to a company under sub-section (8) is no longer necessary or should be varied, the Commissioner shall, by notice in writing served on the company, revoke or vary the direction.
    "(11) Where a company to which a direction under sub-section (8) has been given applies to the Commissioner, by notice in writing, for the direction to be revoked or varied, the Commissioner shall—
        (a) if it appears to him that the direction is no longer necessary or should be varied—revoke or vary the direction; or
        (b) in any other case—refuse to revoke or vary the direction,
    and shall serve on the company notice in writing of his decision."; and
    (b) by adding at the end thereof the following sub-section:
    "(14) In this section, unless the contrary intention appears, 'direction' includes, where a direction is varied, the direction as varied.".

Accounts, balance-sheets, &c, to be signed and lodged with Commissioner
11. Section 52 of the Principal Act is amended—
    (a) by inserting after sub-section (3) the following sub-sections:
    "(4) Where it appears at any time to the Commissioner that a direction given to a company under sub-section (3) is no longer necessary or should be varied, the Commissioner shall, by notice in writing served on the company, revoke or vary the direction.
    "(5) Where a company to which a direction under sub-section (3) has been given applies to the Commissioner, by notice in writing, for the direction to be revoked or varied, the Commissioner shall—
        (a) if it appears to him that the direction is no longer necessary or should be varied—revoke or vary the direction; or
        (b) in any other case—refuse to revoke or vary the direction, and shall serve on the company notice in writing of his decision."; and
    (b) by adding at the end thereof the following sub-section:
    "(7) In this section, unless the contrary intention appears, 'direction' includes, where a direction is varied, the direction as varied.".
12. Section 54 of the Principal Act is repealed and the following sections are substituted:

Commissioner may demand information
"54. The Commissioner may demand in writing from a company—
    (a) information that relates to any matter in connection with the business of the company or of a subsidiary of the company; or
    (b) a copy of any document in the possession of the company that relates to any such matter.

Power to require production