As last captured

Financial Services and Markets Act 2023 · PART 6 Miscellaneous

74 Reinsurance for acts of terrorism

s. 74 · in force: yes

Captured statutory text (L5)

74 Reinsurance for acts of terrorism

(1)The Reinsurance (Acts of Terrorism) Act 1993 is amended as follows.
(2)After section 2, insert— Directions(2A)
(1)A relevant person must comply with any directions given to it by the Treasury under this section.
(2)For the purposes of this section, a “relevant person” means—
(a)a person who—
(i)has entered into arrangements to which this Act applies (see section 2(1)) (whether before or after the passing of this Act), and
(ii)has been classified as a public sector body by the Office for National Statistics (whether before or after the passing of this Act), or
(b)a group undertaking of a person falling within paragraph (a) (within the meaning of section 1161 of the Companies Act 2006).
(3)The Treasury may direct a relevant person to appoint a person to perform the functions of an accounting officer.
(4)The Treasury may give a direction to a relevant person under this subsection if the Treasury consider it necessary for the purpose of ensuring compliance with any requirements associated with the classification, as mentioned in subsection (2)(a)(ii), of a person falling within subsection (2)(a).
(5)Directions under subsection (4) may include provision about compliance with requirements relating to—
(a)auditing;
(b)accounting;
(c)budgeting;
(d)arm’s length bodies;
(e)public sector bodies.
(6)Before giving a direction under this section the Treasury must consult the relevant person to whom the Treasury intend to give a direction.
(7)A direction under this section must be accompanied by a notice that—
(a)states when the direction takes effect (see subsection (8)), and
(b)gives the Treasury’s reasons for giving the direction.
(8)A direction may, if the Treasury reasonably consider it necessary, take effect—
(a)immediately it is given to the relevant person, or
(b)on a later date specified in the direction.
(9)A direction may be given so as to have effect—
(a)for a specified period, or
(b)until the occurrence of a specified event.
(10)A direction under this section must be given in writing.
(11)A direction under this section must—
(a)be published in whatever manner the Treasury consider appropriate, and
(b)be laid before Parliament.
(12)A direction under this section may be varied or revoked by another direction under this section.
Compliance(2B)
(1)Compliance with a direction given under section 2A is enforceable—
(a)by injunction, or
(b)in Scotland, by interdict or by an order for specific performance under section 45 of the Court of Session Act 1988.
(2)Proceedings under subsection (1) may be brought only by the Treasury.
Full captured verbatim text
(1) The Reinsurance (Acts of Terrorism) Act 1993 is amended as follows.

(2) After section 2, insert—

Directions(2A) (1) A relevant person must comply with any directions given to it by the Treasury under this section.

(2) For the purposes of this section, a “relevant person” means—

(a) a person who—

(i) has entered into arrangements to which this Act applies (see section 2(1)) (whether before or after the passing of this Act), and

(ii) has been classified as a public sector body by the Office for National Statistics (whether before or after the passing of this Act), or

(b) a group undertaking of a person falling within paragraph (a) (within the meaning of section 1161 of the Companies Act 2006).

(3) The Treasury may direct a relevant person to appoint a person to perform the functions of an accounting officer.

(4) The Treasury may give a direction to a relevant person under this subsection if the Treasury consider it necessary for the purpose of ensuring compliance with any requirements associated with the classification, as mentioned in subsection (2)(a)(ii), of a person falling within subsection (2)(a).

(5) Directions under subsection (4) may include provision about compliance with requirements relating to—

(a) auditing;

(b) accounting;

(c) budgeting;

(d) arm’s length bodies;

(e) public sector bodies.

(6) Before giving a direction under this section the Treasury must consult the relevant person to whom the Treasury intend to give a direction.

(7) A direction under this section must be accompanied by a notice that—

(a) states when the direction takes effect (see subsection (8)), and

(b) gives the Treasury’s reasons for giving the direction.

(8) A direction may, if the Treasury reasonably consider it necessary, take effect—

(a) immediately it is given to the relevant person, or

(b) on a later date specified in the direction.

(9) A direction may be given so as to have effect—

(a) for a specified period, or

(b) until the occurrence of a specified event.

(10) A direction under this section must be given in writing.

(11) A direction under this section must—

(a) be published in whatever manner the Treasury consider appropriate, and

(b) be laid before Parliament.

(12) A direction under this section may be varied or revoked by another direction under this section.

Compliance(2B) (1) Compliance with a direction given under section 2A is enforceable—

(a) by injunction, or

(b) in Scotland, by interdict or by an order for specific performance under section 45 of the Court of Session Act 1988.

(2) Proceedings under subsection (1) may be brought only by the Treasury.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Relevant persons classified as public sector bodies in terrorism reinsurance arrangements must comply with Treasury directions.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

No captured references.

Referred to by

cross-reference internal_cite · Sch. 11 para. 35

cross-reference internal_cite · Sch. 11 para. 44

cross-reference internal_cite · Sch. 11 para. 65

Part summaries

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L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (537)

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Instrument tier unavailable

Change history as published

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Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:ukpga/2023/29
Part
PART 6 Miscellaneous
Version
86372fb4e615f9918e757dfa…
Content hash
sha256 c032bf3fee4dcbeaa3de8f7b…
Source
legislation.gov.uk/ukpga/2023/29