Friendly Societies Act 1992

Issue of certificates by Commission U.K.

10 (1) A friendly society to which section 37(2) or (3) above applies which intends to provide insurance in an EFTA State may apply to the Commission for a certificate–

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

(b) indicating the classes of business which the society is authorised to carry on in the United Kingdom;

(c) stating that the Commission does not object to the society providing the insurance; and

(d) attesting that the society’s authorisation to carry on business in the United Kingdom, issued in accordance with Article 7(1) of the relevant Directive, enables the society to carry on business outside the EEA State of establishment.

(2) If it appears to the Commission that a certificate applied for under sub–paragraph (1) above ought to be issued, it shall issue the certificate accordingly.

(3) If the Commission refuses to issue a certificate, it shall inform the society in writing of its decision and of the reasons for it.

(4) In sub–paragraph (1) above “the relevant Directive" and “the relevant provisions" means respectively–

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

(b) if the society intends to cover commitments, the first life Directive and Articles 19 and 20 of that Directive.