Withdrawal of authorisation to carry on insurance business
7.—(1) In subsection (1) of section 41 of the 1992 Act (withdrawal of authorisation to carry on insurance business), for the words “in the United Kingdom”, in both places where they occur, substitute–
“(i)in the case of a society to which section 37(2) or (3) above applies, in the European Community;
(ii)in any other case, in the United Kingdom,”.
(2) In subsection (3) of that section, for the words from “during”, in the first place where it occurs, to “authorisation” substitute–
“(a)in the case of a society to which section 37(2) or (3) above applies, during the preceding six months;
(b)in any other case, during a financial year of the society which began and ended during the currency of the authorisation,”.
(3) In sub–paragraph (1) of paragraph 11 of Schedule 13 to that Act (authorisation: supplementary provisions), after paragraph (c) insert–
“(d)in the case of a direction given in relation to a society to which section 37(2) or (3) above applies which is or has been–
(i)carrying on insurance business in an EEA State other than the United Kingdom through an overseas branch in that State, or
(ii)providing insurance in an EEA State other than the United Kingdom through an establishment in another EEA State,
notify the supervisory authority in that State, or, as the case may be, in each of those States of the direction.”.