Companies Act 2014 section 1443

Assurance company holding shares in its holding company

Section 1443 provides an exemption for certain types of assurance companies from the normal rules that prevent a subsidiary from holding shares in its holding company.

• Applies to designated activity companies, public limited companies and unlimited companies that are assurance companies under the Insurance Act 1989
• Exempts these assurance companies from the general prohibition on subsidiaries being members of their holding companies (section 113)
• Also exempts them from most of the restrictions on subsidiaries holding shares in their holding companies (section 114), except for the requirement in subsection (2)(b)(i) of that section
• The exemption only applies where the shares in the holding company are subscribed for, purchased or held under section 62 of the Insurance Act 1989

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