- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/1996)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 05/01/1998
Point in time view as at 01/04/1996.
Insurance Companies Act 1982 (repealed), Cross Heading: Requirements for carrying on reinsurance business is up to date with all changes known to be in force on or before 17 October 2024.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.
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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.
5(1)An EC company shall not change the requisite details of a branch—
(a)which has been established by it in the United Kingdom; and
(b)through which it carries on reinsurance business,
unless the requirements of this paragraph have been complied with in relation to its making of the change.
(2)Subject to sub-paragraph (3) below, the requirements of this paragraph are that the company has given a notice to the Secretary of State stating the details of the proposed change not less than one month before the change is to take place.
(3)In the case of a change occasioned by circumstances beyond the company’s control, the requirements of this paragraph are that the company shall as soon as practicable (whether before or after the change) give a notice to the Secretary of State stating the details of the change.
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