The Insurance Companies (Mergers and Divisions) Regulations 1987
These Regulations implement Council Directive No.78/855/EEC concerning mergers of public limited liability companies (OJ No. L295, 20.10.1978, p.36) and Council Directive No. 82/891/EEC concerning the division of public limited liability companies (OJ No.L378, 31.12.1982, p.47) insofar as these Directives apply to life insurance companies. Hitherto life insurance companies wishing to undertake mergers or divisions did so not under the provisions of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 but under the Insurance Companies Act 1982. These Regulations now amend the Insurance Companies Act 1982 by making certain mergers and divisions, where the transferor company is a public company carrying on long term insurance business, subject to the provisions of the Companies Act (or Order) dealing with compromises or arrangements, in addition to the provisions of the Insurance Companies Act dealing with the transfer of long term business.