Statutory Instrument 1992 No. 445

The Insurance Companies (Amendment)Regulations 1992

---

© Crown Copyright 1992

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Royal Arms and the Queen's Printer imprints.

The text of this Internet version of the Statutory Instrument has been prepared to reflect the text as it was Made. The authoritative version is the Queen's Printer copy published by The Stationery Office Limited as the The Insurance Companies (Amendment)Regulations 1992, ISBN 0110234456. Purchase this item. For details of how to obtain an official copy see How to obtain The Stationery Office Limited titles.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1992 No. 445

INSURANCE

The Insurance Companies (Amendment)Regulations 1992

The Secretary of State, in exercise of his powers under sections 90 and 97 of the Insurance Companies Act 1982^[1] and of all other powers enabling him in that behalf, hereby makes the following Regulations:

    1.—(1)  These Regulations may be cited as the Insurance Companies (Amendment) Regulations 1992 and shall come into force on 24th March 1992.

    (2)  The Insurance Companies Regulations 1981^[2] ("the principal regulations") shall have effect subject to the amendment set out in these Regulations.

    2.    In Regulation 37(1) of the principal regulations in the definition of "traded option" there shall be inserted the words ", The London International Financial Futures and Option Exchange" after the words "The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited".

John Redwood

Minister of State, Department of Trade and Industry

29th February 1992

The asset valuation regulations in the Insurance Companies Regulations 1981 provide for the valuation of traded options, which are dealt with on the traded options market of the International Stock Exchange. After 20th March 1992, following the merger between the London International Financial Futures Exchange and the London Traded Options Market, the options market on the Stock Exchange will cease to exist. Traded options will then be dealt with on The London International Financial Futures and Options Exchange. This amendment to the regulations will enable traded options to continue to be valued, after the merger.

[1] 1982 c. 50. back

[2] S.I.1981/1654; the only relevant amending instrument is S.I.1988/673. back