http://www.legislation.gov.uk/ukpga/1982/50/section/7/1994-01-05Insurance Companies Act 1982 (repealed)An Act to consolidate the Insurance Companies Acts 1974 and 1981.1982-11-01texttext/xmlenStatute Law Database2011-05-271994-01-05 Part I Restriction on Carrying on Insurance Business Applications for authorisation United Kingdom applicants.71The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in the United Kingdom unless the applicant is—aa company as defined in section 735 of the Companies Act or Article 3 of the Companies (Northern Ireland) Order 1986, orba registered society, orca body corporate established by royal charter or Act of Parliament and already authorised under section 3 or 4 above to carry on insurance business (though not to the extent proposed in the application).2The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in the United Kingdom if it has an issued share capital any part of which was issued after the commencement of this section but is not fully paid up.3The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in the United Kingdom if it appears to the Secretary of State that any director, controller, manager or main agent of the applicant is not a fit and proper person to hold the position held by him.4In this sectioncontroller”, in relation to the applicant, means—aa managing director of the applicant or of a body corporate of which the applicant is a subsidiary;ba chief executive of the applicant or of a body corporate, being an insurance company, of which the applicant is a subsidiary;ca person—iin accordance with whose directions or instructions the directors of the applicant or of a body corporate of which it is a subsidiary are accustomed to act, oriiwho either alone or with any associate or associates is entitled to exercise, or control the exercise of, one-third15 per cent or more of the voting power at any general meeting of the applicant or of a body corporate of which it is a subsidiary.5In this sectionmanager”, in relation to the applicant, means an employee of the applicant (other than a chief executive) who, under the immediate authority of a director or chief executive of the applicant—aexercises managerial functions, orbis responsible for maintaining accounts or other records of the applicant,not being a person whose functions relate exclusively to business conducted from a place of business outside the United Kingdom.6In this sectionmain agent”, in relation to the applicant, means, subject to such exceptions as may be prescribed, a person appointed by the applicant to be its agent in respect of general business in the United Kingdom, with authority to enter into contracts on behalf of the applicant in any financial year—awithout limit on the aggregate amount of premiums; orbwith a limit in excess of 10 per cent. of the premium limit as determined in accordance with Schedule 3 to this Act.7In this sectionchief executive”, in relation to the applicant or a body corporate of which it is a subsidiary, means an employee of the applicant or that body corporate, who, either alone or jointly with others, is responsible under the immediate authority of the directors for the conduct of the whole of the insurance business of the applicant or that body corporate.8In this sectionassociate”, in relation to any person, means—athe wife or husband or minor son or daughter of that person;bany company of which that person is a director;cany person who is an employee or partner of that person;dif that person is a company—iany director of that company;iiany subsidiary of that company;iiiany director or employee of any such subsidiary;and for the purposes of this subsectionson” includes step-son,daughter” includes step-daughter andminor”, in relation to Scotland, includes pupil.Definition of "chief executive" in s. 7 applied (15.5.1991) by Standard Life Assurance Company Act 1991 (c. iii), s. 14(1), Sch. reg. 1 (1); appointed day (15.5.1991) as published in the London Gazette on 19.4.1991Figure substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2Words substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. IIWords substituted by S.I. 1986/1035 (N.I. 9), art. 23, Sch. 1 Pt. II “15 per cent" substituted (12.1.1987 for the purpose mentioned in 1986/2246, Sch. 2 but otherwise (prosp.)) for “one-third" by Financial Services Act 1986 (c. 60, SIF 69), s. 134Definition of "minor" in s. 7(8) repealed (S.) by Age of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8), s. 10(2), Sch.2 (with savings s. 1(3))
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<dc:title>Insurance Companies Act 1982 (repealed)</dc:title>
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<Number>Part I</Number>
<Title> Restriction on Carrying on Insurance Business</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/part/I/crossheading/applications-for-authorisation/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/I/crossheading/applications-for-authorisation" NumberOfProvisions="6" RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01" id="part-I-crossheading-applications-for-authorisation">
<Title> Applications for authorisation</Title>
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<Title> United Kingdom applicants.</Title>
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7
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/1/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/1" id="section-7-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in the United Kingdom unless the applicant is—</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>
a company as defined in section
<Addition ChangeId="d30p2679" CommentaryRef="c1481682">735</Addition>
of the
<Addition ChangeId="d30p2683" CommentaryRef="c1481683">Companies Act</Addition>
or
<Addition ChangeId="d30p2687" CommentaryRef="c1481684">Article 3</Addition>
of the
<Addition ChangeId="d30p2691" CommentaryRef="c1481685">Companies (Northern Ireland) Order 1986</Addition>
, or
</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>a registered society, or</Text>
</P3para>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/1/c/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/1/c" id="section-7-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>a body corporate established by royal charter or Act of Parliament and already authorised under section 3 or 4 above to carry on insurance business (though not to the extent proposed in the application).</Text>
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<Pnumber>2</Pnumber>
<P2para>
<Text>The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in the United Kingdom if it has an issued share capital any part of which was issued after the commencement of this section but is not fully paid up.</Text>
</P2para>
</P2>
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<Pnumber>3</Pnumber>
<P2para>
<Text>The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in the United Kingdom if it appears to the Secretary of State that any director, controller, manager or main agent of the applicant is not a fit and proper person to hold the position held by him.</Text>
</P2para>
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<Pnumber>4</Pnumber>
<P2para>
<Text>In this section</Text>
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<Text>
<Term id="term-controller">controller</Term>
”, in relation to the applicant, means—
</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>a managing director of the applicant or of a body corporate of which the applicant is a subsidiary;</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>a chief executive of the applicant or of a body corporate, being an insurance company, of which the applicant is a subsidiary;</Text>
</P3para>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/4/c/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/4/c" id="section-7-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>a person—</Text>
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<Pnumber>i</Pnumber>
<P4para>
<Text>in accordance with whose directions or instructions the directors of the applicant or of a body corporate of which it is a subsidiary are accustomed to act, or</Text>
</P4para>
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<Pnumber>ii</Pnumber>
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<Text>
who either alone or with any associate or associates is entitled to exercise, or control the exercise of,
<Addition ChangeId="d30p2763" CommentaryRef="c1481686">one-third</Addition>
<Addition ChangeId="d30p2766" CommentaryRef="c1481686">15 per cent</Addition>
or more of the voting power at any general meeting of the applicant or of a body corporate of which it is a subsidiary.
</Text>
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<Pnumber>5</Pnumber>
<P2para>
<Text>In this section</Text>
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<Term id="term-manager">manager</Term>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/5/a/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/5/a" id="section-7-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>exercises managerial functions, or</Text>
</P3para>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/5/b/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/5/b" id="section-7-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>is responsible for maintaining accounts or other records of the applicant,</Text>
</P3para>
</P3>
<Text>not being a person whose functions relate exclusively to business conducted from a place of business outside the United Kingdom.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/6/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/6" id="section-7-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In this section</Text>
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<Text>
<Term id="term-main-agent">main agent</Term>
”, in relation to the applicant, means, subject to such exceptions as may be prescribed, a person appointed by the applicant to be its agent in respect of general business in the United Kingdom, with authority to enter into contracts on behalf of the applicant in any financial year—
</Text>
</Para>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/6/a/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/6/a" id="section-7-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>without limit on the aggregate amount of premiums; or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/6/b/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/6/b" id="section-7-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>with a limit in excess of 10 per cent. of the premium limit as determined in accordance with Schedule 3 to this Act.</Text>
</P3para>
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</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/7/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/7" id="section-7-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>In this section</Text>
<BlockText>
<Text>
<Term id="term-chief-executive">chief executive</Term>
”, in relation to the applicant or a body corporate of which it is a subsidiary, means an employee of the applicant or that body corporate, who, either alone or jointly with others, is responsible under the immediate authority of the directors for the conduct of the whole of the insurance business of the applicant or that body corporate.
</Text>
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</P2para>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8" id="section-7-8">
<Pnumber>8</Pnumber>
<P2para>
<Text>In this section</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-associate">associate</Term>
”, in relation to any person, means—
</Text>
</Para>
</ListItem>
</UnorderedList>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/a/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/a" id="section-7-8-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the wife or husband or minor son or daughter of that person;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/b/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/b" id="section-7-8-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>any company of which that person is a director;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/c/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/c" id="section-7-8-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>any person who is an employee or partner of that person;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/d/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/d" id="section-7-8-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>if that person is a company—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/d/i/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/d/i" id="section-7-8-d-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>any director of that company;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/d/ii/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/d/ii" id="section-7-8-d-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>any subsidiary of that company;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/7/8/d/iii/1994-01-05" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/7/8/d/iii" id="section-7-8-d-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>any director or employee of any such subsidiary;</Text>
</P4para>
</P4>
</P3para>
</P3>
<Text>and for the purposes of this subsection</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-son">son</Term>
” includes step-son,
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-daughter">daughter</Term>
” includes step-daughter and
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="d30p2913" CommentaryRef="c1481688"></Addition>
<Term id="term-minor">
<Addition ChangeId="d30p2913" CommentaryRef="c1481688">minor</Addition>
</Term>
<Addition ChangeId="d30p2913" CommentaryRef="c1481688">”, in relation to Scotland, includes pupil.</Addition>
</Text>
</Para>
</ListItem>
</UnorderedList>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="c1481681" Type="C">
<Para>
<Text>
Definition of "chief executive" in s. 7 applied (15.5.1991) by
<Citation URI="http://www.legislation.gov.uk/id/ukla/1991/3" id="c00386" Class="UnitedKingdomLocalAct" Year="1991" Number="3" Title="Standard Life Assurance Company Act 1991">Standard Life Assurance Company Act 1991 (c. iii)</Citation>
,
<CitationSubRef id="c00387" URI="http://www.legislation.gov.uk/id/ukla/1991/3/section/14/1" CitationRef="c00386" SectionRef="section-14-1">s. 14(1)</CitationSubRef>
,
<CitationSubRef id="c00388" URI="http://www.legislation.gov.uk/id/ukla/1991/3/schedule/regulation/1" Operative="true" CitationRef="c00386" SectionRef="schedule-regulation-1">Sch. reg. 1</CitationSubRef>
(1); appointed day (15.5.1991) as published in the London Gazette on 19.4.1991
</Text>
</Para>
</Commentary>
<Commentary id="c1481682" Type="F">
<Para>
<Text>
Figure substituted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1985/9" id="c00389" Year="1985" Class="UnitedKingdomPublicGeneralAct" Number="9" Title="Companies Consolidation (Consequential Provisions) Act 1985">Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27)</Citation>
,
<CitationSubRef id="c00390" URI="http://www.legislation.gov.uk/id/ukpga/1985/9/section/30" CitationRef="c00389" SectionRef="section-30">s. 30</CitationSubRef>
,
<CitationSubRef id="c00391" URI="http://www.legislation.gov.uk/id/ukpga/1985/9/schedule/2" Operative="true" CitationRef="c00389" SectionRef="schedule-2">Sch. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1481683" Type="F">
<Para>
<Text>
Words substituted by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1985/9" id="c00392" Year="1985" Class="UnitedKingdomPublicGeneralAct" Number="9" Title="Companies Consolidation (Consequential Provisions) Act 1985">Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27)</Citation>
,
<CitationSubRef id="c00393" URI="http://www.legislation.gov.uk/id/ukpga/1985/9/section/30" CitationRef="c00392" SectionRef="section-30">s. 30</CitationSubRef>
,
<CitationSubRef id="c00394" URI="http://www.legislation.gov.uk/id/ukpga/1985/9/schedule/2" Operative="true" CitationRef="c00392" SectionRef="schedule-2">Sch. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1481684" Type="F">
<Para>
<Text>
Words substituted by
<Citation URI="http://www.legislation.gov.uk/id/nisi/1986/1035" id="c00395" Class="NorthernIrelandOrderInCouncil" Year="1986" Number="1035">S.I. 1986/1035 (N.I. 9)</Citation>
,
<CitationSubRef id="c00396" URI="http://www.legislation.gov.uk/id/nisi/1986/1035/article/23" CitationRef="c00395" SectionRef="article-23">art. 23</CitationSubRef>
,
<CitationSubRef id="c00397" URI="http://www.legislation.gov.uk/id/nisi/1986/1035/schedule/1/part/II" Operative="true" CitationRef="c00395" SectionRef="schedule-1-part-II">Sch. 1 Pt. II</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1481685" Type="F">
<Para>
<Text>
Words substituted by
<Citation URI="http://www.legislation.gov.uk/id/nisi/1986/1035" id="c00398" Class="NorthernIrelandOrderInCouncil" Year="1986" Number="1035">S.I. 1986/1035 (N.I. 9)</Citation>
,
<CitationSubRef id="c00399" URI="http://www.legislation.gov.uk/id/nisi/1986/1035/article/23" CitationRef="c00398" SectionRef="article-23">art. 23</CitationSubRef>
,
<CitationSubRef id="c00400" URI="http://www.legislation.gov.uk/id/nisi/1986/1035/schedule/1/part/II" Operative="true" CitationRef="c00398" SectionRef="schedule-1-part-II">Sch. 1 Pt. II</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1481686" Type="F">
<Para>
<Text>
“15 per cent" substituted (12.1.1987 for the purpose mentioned in 1986/2246, Sch. 2 but otherwise (
<Emphasis>prosp.</Emphasis>
)) for “one-third" by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/60" id="c00401" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="60" Title="Financial Services Act 1986">Financial Services Act 1986 (c. 60, SIF 69)</Citation>
,
<CitationSubRef id="c00402" URI="http://www.legislation.gov.uk/id/ukpga/1986/60/section/134" Operative="true" CitationRef="c00401" SectionRef="section-134">s. 134</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1481688" Type="F">
<Para>
<Text>
Definition of "minor" in s. 7(8) repealed (S.) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1991/50" id="c00403" Year="1991" Class="UnitedKingdomPublicGeneralAct" Number="50" Title="Age of Legal Capacity (Scotland) Act 1991">Age of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8)</Citation>
,
<CitationSubRef id="c00404" URI="http://www.legislation.gov.uk/id/ukpga/1991/50/section/10/2" CitationRef="c00403" SectionRef="section-10-2">s. 10(2)</CitationSubRef>
,
<CitationSubRef id="c00405" URI="http://www.legislation.gov.uk/id/ukpga/1991/50/schedule/2" Operative="true" CitationRef="c00403" SectionRef="schedule-2">Sch.2</CitationSubRef>
(with savings
<CitationSubRef id="c00406" URI="http://www.legislation.gov.uk/id/ukpga/1991/50/section/1/3" CitationRef="c00403" SectionRef="section-1-3">s. 1(3)</CitationSubRef>
)
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>