SCHEDULES
C1F2SCHEDULE 2F] RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES
Sch. 2F: Power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 60
PART IIEFTA COMPANIES PROVIDING INSURANCE IN UNITED KINGDOM
Documents to be furnished to the Secretary of State
18
1
An EFTA company which intends to provide insurance in the United Kingdom shall send to the F3Treasury—
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 F3Treasury.
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 F3Treasury 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 F3Treasury.
3
An EFTA company providing insurance in the United Kingdom shall notify the F3Treasury 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.
Sch. 2F inserted (1.7.1994) by S.I. 1994/1696, reg. 45(2), Sch. 6