Insurance Companies Act 1982 (repealed)

PART II U.K. EFTA COMPANIES PROVIDING INSURANCE IN UNITED KINGDOM

Documents to be furnished to the Secretary of State U.K.

18 (1) An EFTA company which intends to provide insurance in the United Kingdom shall send to the [F2 Treasury]—

(a) a certificate, issued by the supervisory authority in the EFTA State in which the company’s head office is situated, which attests—

(i) that the company possesses for its activities as a whole the minimum solvency margin calculated in accordance with the relevant provisions; and

(ii) that the company’s authorisation in accordance with Article 7(1) of the relevant Directive enables the company to operate outside the EEA State in which the establishment through which the insurance will be provided is situated (“the EEA State of establishment”);

(b) a certificate, issued by the supervisory authority in the EEA State of establishment, which—

(i) indicates the classes of insurance business which the company has been authorised to undertake through that establishment;

(ii) states that the authority does not object to the company providing insurance in the United Kingdom; and

(iii) where the company intends to provide long term insurance in the United Kingdom, confirms that all the commitments which the company intends to cover fall within the classes of insurance business which the company has been authorised to undertake through that establishment;

(c) a statement by the company of the nature of the risks or commitments which it proposes to cover in the United Kingdom;

(d) a notice stating the address of the company for the purpose of service of documents under this Schedule; and

(e) in the case of a company which intends to provide insurance to cover relevant motor vehicle risks—

(i) a notice stating the name and address of the claims representative; and

(ii) a declaration that the company has become a member of the Motor Insurers’ Bureau (being a company limited by guarantee and incorporated under the Companies Act 1929 on 14th June 1946);

and the company shall not provide insurance in the United Kingdom before the date certified as that on which those documents were received by the [F2 Treasury].

(2) Where an EFTA company wishes to provide insurance in the United Kingdom in respect of risks or commitments other than those mentioned in the statement given in accordance with sub-paragraph (1)(c) above, it shall give written notice to the [F2 Treasury] amending that statement; and it shall not provide insurance in the United Kingdom in respect of such risks or commitments before the date certified as that on which written notice of the amendment was received by the [F2 Treasury].

(3) An EFTA company providing insurance in the United Kingdom shall notify the [F2 Treasury] in writing of—

(a) any change of address of the company for the purpose of the service of documents; and

(b) where it provides insurance to cover relevant motor vehicle risks, any change of name or address of the claims representative.

(4) In sub-paragraph (1) above “the relevant Directive” and “the relevant provisions” mean respectively—

(a) if the company intends to cover risks, the first general insurance Directive and Articles 16 and 17 of that Directive;

(b) if the company intends to cover commitments, the first long term insurance Directive and Articles 18, 19 and 20 of that Directive.

(5) Any insurance which is provided by the company participating in a Community co-insurance operation otherwise than as the leading insurer shall be disregarded for the purposes of this paragraph.

Textual Amendments

F2 Word in Sch. 2F para. 18 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)

Additional requirements with respect to relevant motor vehicle risks U.K.

19 An EFTA company shall not provide insurance in the United Kingdom to cover relevant motor vehicle risks unless—

(a) it is a member of the Motor Insurers’ Bureau (being a company limited by guarantee and incorporated under the Companies Act 1929 on 14th June 1946); and

(b) either it has appointed a claims representative or the insurance is provided by it participating in a Community co-insurance operation otherwise than as the leading insurer.

Powers of intervention U.K.

20 (1) Where it appears to the [F3 Treasury] that an EFTA company providing insurance in the United Kingdom has failed to comply with any provision of this Act, [F4 they] may require it to take such steps as [they] may specify to comply with that provision.

(2) If the company fails to comply with a requirement under sub-paragraph (1) above, the [F3 Treasury] shall notify the supervisory authority in the EEA State in which the establishment through which the insurance is provided is situated.

(3) If the company persists in contravening a provision which has been the subject of arequirement under sub-paragraph (1) above, the [F3 Treasury] may, after informing that supervisory authority, direct the company to cease to provide insurance, or insurance of any specified description, in the United Kingdom.

(4) After giving such a direction, the [F3 Treasury] shall by notice in writing inform the company of [F5 their] reasons for doing so.

(5) A direction under this paragraph does not prevent the company from effecting a contract ofinsurance in pursuance of a term of a subsisting contract of insurance.

(6) A requirement or direction under this paragraph may be varied or revoked by the [F3 Treasury].

Textual Amendments

F3 Word in Sch. 2F para. 20 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)

F4 Word in Sch. 2F para. 20(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 83(a) (with art. 7)

F5 Word in Sch. 2F para. 20(4) substituted (5.1.1998) by S.I. 1997/2781, art.8, Sch. Pt. I para. 83(b) (with art. 7)

Power to require information U.K.

21 The [F6 Treasury] may, for the purpose of facilitating the exercise by [F7 them of their] functions under paragraph 20 above, require an EFTA company providing insurance in the United Kingdom to furnish [F8 the Treasury], at specified times or intervals with information about such matters as [F9 they] may specify being, if [F9 they] so [F10 require], information verified in a specified manner.

Textual Amendments

F6 Word in Sch. 2F para. 21 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)

F7 Words in Sch. 2F para. 21 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 84(a)(with art. 7)

F8 Words in Sch. 2F para. 21 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 84(b) (with art. 7)

F9 Word in Sch. 2F para. 21 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 84(c)(with art. 7)

F10 Word in Sch. 2F para. 21 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 84(d) (with art. 7)

Withdrawal of authorisation U.K.

22 (1) Where an EFTA company is providing insurance in the United Kingdom and the [F11 Treasury][F12 are]notified by the supervisory authority in the EEA State in which the establishment through which the insurance is provided, or the company’s head office, is situated that the authorisation of the company has been withdrawn in accordance with—

(a) Article 22 of the first general insurance Directive, or

(b) Article 26 of the first long term insurance Directive,

[F13 they] may direct the company to cease to provide insurance, or insurance of any specified description, in the United Kingdom through all, or any specified, establishments.

(2) After giving such a direction, the [F11 Treasury] shall by notice in writing inform thecompany of [F14 their] reasons for doing so.

(3) A direction under this paragraph does not prevent the company from effecting a contract ofinsurance in pursuance of a term of a subsisting contract of insurance.

Textual Amendments

F11 Word in Sch. 2F para. 22 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)

F12 Word in Sch. 2F para. 22(1) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1)(c), 8, Sch. Pt. I para. 85(a)(i) (with art. 7)

F13 Word in Sch. 2F para. 22(1) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1)(c), 8, Sch. Pt. I para. 85(a)(ii) (with art. 7)

F14 Words in Sch. 2F para. 22(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 85(b) (with art. 7)