Insurance Act, 1989
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General powers to require information. |
16.—(1) Whenever the Minister considers it necessary in order to satisfy himself whether an undertaking is complying with its obligations under the Insurance Acts he may require the undertaking to prepare and submit to him— | |
(a) returns and accounts in the form prescribed by the Insurance Acts made up to such date as the Minister may direct; | ||
(b) such other information (including information derived from an actuarial investigation) as he may specify in relation to the undertaking itself; | ||
(c) such other information as the Minister may specify in relation to any connected body of the undertaking which the undertaking may reasonably be expected to provide. | ||
(2) The Minister may require that such returns, accounts or information be certified or attested as to their correctness by any person nominated by him. | ||
(3) For the purpose of this section a connected body shall include— | ||
(a) any connected body within the meaning of section 4 (4), paragraphs (a), (b) and (d) of the Insurance (No. 2) Act, 1983 , | ||
(b) any body in which the undertaking, either alone or with any associate or associates, is entitled to exercise or control the exercise of one-fifth or more of the voting rights at any general meeting of that body, | ||
(c) any body which, either alone or with any associate or associates, is entitled to exercise or control the exercise of one-fifth or more of the voting rights at any general meeting of the undertaking, | ||
(d) any body which is a fellow subsidiary of the undertaking within the meaning of the Companies Acts, and | ||
(e) any body which is connected to a connected body within the meaning of this section. | ||
(4) For the purposes of subsection (3) “body” means a body corporate or an unincorporated body of persons. | ||
(5) A requisition under subsection (1) may specify a date by which it must be met and if it is not met by the specified date the Minister may suspend or revoke the authorisation of the undertaking in any class or part of a class of business in accordance with the procedures provided for in section 58 . | ||
(6) The Minister may by order prescribe a lower figure than that mentioned in subsection (3), paragraph (b) or (c). |