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Chapter 2
Mutual Insurance34Mutual insurance

(1)    Subject as follows, a qualifying authority may—

(a)    become a member of a body corporate—

(i)    all of whose objects fall within the objects specified in subsection (2), and

(ii)    all of whose members are qualifying authorities, and

(b)    do anything that is required by, or is conducive or incidental to, membership of any such body.

(2)    The objects referred to in subsection (1)(a)(i) are—

(a)    to provide insurance, in relation to risks of any description, to—

(i)    qualifying authorities who are members of the body corporate, and

(ii)    persons prescribed in regulations made by the appropriate national authority,

(b)    to enter into arrangements under which such insurance is provided to—

(i)    qualifying authorities who are members of the body corporate, and

(ii)    persons prescribed in regulations made by the appropriate national authority, and

(c)    to do anything that is required by, or is conducive or incidental to, the provision of any such insurance or entering into any such arrangements.

(3)    The power of a qualifying authority under subsection (1)(b) includes in particular power—

(a)    to pay premiums and make other payments to the body corporate;

(b)    to agree to make any such payments;

(c)    to assume financial obligations in relation to persons prescribed for the purposes of subsection (2)(a)(ii) or (b)(ii).

(4)    The appropriate national authority may by regulations impose restrictions or conditions on the exercise of any power conferred on a qualifying authority by subsection (1).

(5)    A qualifying authority must, in exercising the powers conferred by subsection (1), have regard to—

(a)    any guidance issued by the appropriate national authority, and

(b)    any guidance or document specified in regulations made by the appropriate national authority.

(6)    The appropriate national authority may by regulations amend this Chapter for the purposes of changing the authorities which are for the time being qualifying authorities for the purposes of this section.

NOTES
Initial Commencement
To be appointed

To be appointed: see s 148(2)(b).

Extent

This section does not extend to Scotland: see s 147(1).
Accounting96 Company Secretarial96

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