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Insurance Companies Act 1982 (repealed)

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Changes over time for: Paragraph 4

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Version Superseded: 05/01/1998

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Status:

Point in time view as at 01/07/1994. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insurance Companies Act 1982 (repealed), Paragraph 4 is up to date with all changes known to be in force on or before 10 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

4(1)An EC company shall not carry on reinsurance business of any description through a branch in the United Kingdom unless—

(a)the company is entitled under the law of its home State to carry on business of that description; and

(b)the requirements of this paragraph have been complied with in respect of that branch.

(2)The requirements of this paragraph are—

(a)that the company has served on the Secretary of State—

(i)a written notice stating its intention to carry on reinsurance business and containing the requisite details; and

(ii)a statement from the supervisory authority in its home State stating the classes of business which the company carries on and declaring that the company has the required margin of solvency or minimum guarantee fund; and

(b)that either—

(i)the Secretary of State has informed the company that it may begin to carry on the reinsurance business; or

(ii)the period of three months beginning with the date of service of that notice has expired.

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