Insurance Companies Act 1982 (repealed) (c. 50)

SCHEDULES

Yn ddilys o 01/07/1994

[F1 SCHEDULE 2A] U.K. CRITERIA OF SOUND AND PRUDENT MANAGEMENT

Textual Amendments

F1 Sch. 2A inserted (1.7.1994) by S.I. 1994/1696, reg. 5(3), Sch. 1

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 U.K.

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.