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Insurance Companies Act 1982 (repealed)

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Changes over time for: Section 8

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Version Superseded: 01/07/1994

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Status:

Point in time view as at 05/01/1994. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insurance Companies Act 1982 (repealed), Section 8 is up to date with all changes known to be in force on or before 10 December 2024.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

8 Applicants from other member States.U.K.

(1)The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in a member State other than the United Kingdom unless the applicant has a representative fulfilling the requirements of section 10 below.

(2)The Secretary of State shall not issue an authorisation under section 3 above to an applicant whose head office is in a member State other than the United Kingdom if it appears to the Secretary of State that any relevant executive or main agent of the applicant is not a fit and proper person to hold the position held by him.

(3)Where an applicant whose head office is in a member State other than the United Kingdom seeks an authorisation under section 3 above restricted to reinsurance business—

(a)the Secretary of State shall not issue the authorisation unless he is satisfied that the applicant is a body corporate entitled under the law of that State to carry on insurance business there; and

(b)subsection (2) above shall have effect as if the reference to any relevant executive were a reference to any person who is a director, controller or manager of the applicant or a person within paragraph (a) or (b) of subsection (4) below.

[F1(3A)Where the authorisation sought by an applicant whose head office is in Switzerland—

(a)is an authorisation to carry on general business; and

(b)is not restricted to reinsurance business,

this section shall apply in relation to that applicant as it applies in relation to an applicant whose head office is in a member State other than the United Kingdom.]

(4)In this section

  • relevant executive” in relation to the applicant means a person who is—

(a)the representative referred to in subsection (1) above or the individual representative referred to in section 10(5) below;

(b)an officer or employee of the applicant who, either alone or jointly with others, is responsible for the conduct of the whole of the insurance business carried on by the applicant in the United Kingdom, not being a person who—

(i)is also responsible for the conduct of insurance business carried on by the applicant elsewhere, and

(ii)has a subordinate who is responsible for the whole of the insurance business carried on by the applicant in the United Kingdom; or

(c)an employee of the applicant who, under the immediate authority of a director or of an officer or employee within paragraph (b) above,—

(i)exercises managerial functions, or

(ii)is 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;

and

  • controller”,

  • manager” and

  • main agent” have the same meanings as in section 7 above.

Textual Amendments

F1S. 8(3A) inserted (5.1.1994) by S.I. 1993/3127, reg. 2(2)

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