Search Legislation

Insurance Companies Act 1982 (repealed)

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 8

 Help about opening options

Version Superseded: 01/12/2001

Alternative versions:

Status:

Point in time view as at 01/07/1998. This version of this provision has been superseded.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Insurance Companies Act 1982 (repealed), Section 8 is up to date with all changes known to be in force on or before 10 December 2024.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 [F1Treasury]shall not issue an authorisation under section 3 above to an [F2applicant to which this section applies]unless the applicant has a representative fulfilling the requirements of section 10 below.

(2)The [F1Treasury] shall not issue an authorisation under section 3 above to an [F2applicant to which this section applies] if it appears to the [F1Treasury] 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 [F2applicant to which this section applies] seeks an authorisation under section 3 above restricted to reinsurance business—

(a)the [F1Treasury]shall not issue the authorisation unless [F3they are]atisfied 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.

[F4[(3A)An applicant is one to which this section applies if—

(a)its head office is in a member State other than the United Kingdom and it is not an EC company; or

(b)its head office is in an EFTA State; or

(c)its head office is in Switzerland and the authorisation sought by it is an authorisation to carry on general business which is not restricted to reinsurance business.]]

(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

  • [F5Controller

  • manager

  • main agent have” have the same meaning as section 7 above] .

Textual Amendments

F1Words in s. 8 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 5(a) (with art. 7)

F2Words in s. 8(1)(2)(3) substituted (1.7.1994) by S.I. 1994/1696, reg. 8(1)

F3Words in s. 8(3)(a) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 5(b) (with art. 7)

F4S. 8(3A) substituted (7.1.1994) by S.I. 1994/1696, reg. 8(2)

F5Words in s. 8(4) ceased to have effect (1.7.1994) by virtue of 1994/1696, reg. 8(3)

Modifications etc. (not altering text)

C1S. 8: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 6

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?