Requirements for providing insuranceU.K.
8(1)An EC company shall not provide insurance of a class or part of a class in the United Kingdom unless the company is authorised in accordance with Article 6 of the first general insurance Directive or Article 6 of the first long term insurance Directive to carry on insurance business of that class or part of a class and either—
(a)the requirements of this paragraph have been complied with in respect of that insurance; or
(b)the insurance is provided by the company participating in a Community co-insurance operation otherwise than as the leading insurer.
(2)The requirements of this paragraph are—
(a)that the supervisory authority in the company’s home State has sent to the [Treasury] a notice containing the requisite details and a certificate in accordance with sub-paragraph (3) below; and
(b)that the company has been notified by that authority that it has sent such a notice to the [Treasury].
(3)A certificate is in accordance with this sub-paragraph if it—
(a)attests that the company has the minimum margin of solvency calculated in accordance with such of the following as are appropriate—
(i)Articles 16 and 17 of the first general insurance Directive, and
(ii)Articles 18, 19 and 20 of the first long term insurance Directive; and
(b)indicates the classes of business which the company is authorised to carry on in accordance with Article 6 of the first general insurance Directive or Article 6 of the first long term insurance Directive.
Textual Amendments
Modifications etc. (not altering text)
9(1)An EC company shall not change the requisite details relating to the provision ofinsurance in the United Kingdom unless the requirements of this paragraph have been complied with in relation to its making of the change.
(2)Subject to sub-paragraph (3) below, the requirements of this paragraph are—
(a)that the company has given a notice to the supervisory authority in its home State stating the details of the proposed change; and
(b)that that authority has passed to the [Treasury] the information contained in that notice.
(3)In the case of a change occasioned by circumstances beyond the company’s control, the requirements of this paragraph are that the company shall, as soon as practicable, give a notice to the supervisory authority in its home State stating the details of the change.