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The Insurance Companies (Amendment) Regulations 1992
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Power to defer decision on application for authorisation
2.—(1) At the beginning of subsection (2) of section 5 of the 1982 Act (submission of proposals etc.) insert the words “Subject to subsection (3) below,”.
(2) After that subsection insert—
“(3) The Secretary of State may defer a decision on an application for an authorisation under section 3 above for such period as may be necessary for the purpose of implementing any decision of the Council or Commission of the Communities under—
(a)Article 29b(4) of the first general insurance Directive(1); or
(b)Article 32b(4) of the first long term insurance Directive(2).”.
(1)
Article 29b(4) was inserted by Council Directive 90/618/EEC, Article 4.
(2)
Article 32b(4) was inserted by Council Directive 90/619/EEC, Article 9.
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