SCHEDULES
F2C1SCHEDULE 2A CRITERIA OF SOUND AND PRUDENT MANAGEMENT
Annotations:
Amendments (Textual)
Modifications etc. (not altering text)
C1
Sch. 2A: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 56
Integrity and skill
1
The business of the insurance company is carried on with integrity, due care and the professional skills appropriate to the nature and scale of its activities.
2
Each director, controller, manager or main agent of the insurance company is a fit and proper person to hold that position.
3
In the case of a non-EC company whose head office is not in an EFTA State—
a
the representative referred to in section 9(4) above; or
b
where that representative is not an individual, the individual representative referred to in section 10(5) above,
is a fit and proper person to hold that position.
Sch. 2A inserted (1.7.1994) by S.I. 1994/1696, reg. 5(3), Sch. 1