TITLE IIIU.K.HARMONIZATION OF THE CONDITIONS GOVERNING THE BUSINESS OF INSURANCE

Chapter 1U.K.

[F1Article 16a U.K.

1. Member States shall provide at least that:

(a) any person authorized within the meaning of Directive 84/253/EEC (1) , performing in an insurance undertaking the task described in Article 51 of Directive 78/660/EEC (2) , Article 37 of Directive 83/349/EEC or Article 31 of Directive 85/611/EEC or any other statutory task, shall have a duty to report promptly to the competent authorities any fact or decision concerning that undertaking of which he has become aware while carrying out that task which is liable to:

  • (a) constitute a material breach of the laws, regulations or administrative provisions which lay down the conditions governing authorization or which specifically govern pursuit of the activities of insurance undertaking, or

  • affect the continuous functioning of the insurance undertaking, or

  • lead to refusal to certify the accounts or to the expression of reservations;

(b) that person shall likewise have a duty to report any facts and decisions of which he becomes aware in the course of carrying out a task as described in (a) in an undertaking having close links resulting from a control relationship with the insurance undertaking within which he is carrying out the abovementioned task.

2. The disclosure in good faith to the competent authorities, by persons authorized within the meaning of Directive 84/253/EEC, of any fact or decision referred to in paragraph 1 shall not constitute a breach of any restriction on disclosure of information imposed by contract of by any legislative, regulatory or administrative provision and shall not involce such persons in liability of any kind.]

Textual Amendments

(2)

OJ No L 222, 14.8.1978, p. 11 . Directive as last amended by Directive 90/605/EEC ( OJ No L 317, 16.11.1990, p. 60 ).]

Textual Amendments