SCHEDULES

C5F53SCHEDULE 2F] RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES

Annotations:
Amendments (Textual)
F53

Sch. 2F inserted (1.7.1994) by S.I. 1994/1696, reg. 45(2), Sch. 6

Modifications etc. (not altering text)
C5

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 IEC COMPANIES CARRYING ON BUSINESS ETC. IN THE UNITED KINGDOM

Requirements for carrying on reinsurance business

4

1

An EC company shall not carry on reinsurance business of any description through a branch in the United Kingdom unless—

a

the company is entitled under the law of its home State to carry on business of that description; and

b

the requirements of this paragraph have been complied with in respect of that branch.

2

The requirements of this paragraph are—

a

that the company has served on the F54Treasury—

i

a written notice stating its intention to carry on reinsurance business and containing the requisite details; and

ii

a statement from the supervisory authority in its home State stating the classes of business which the company carries on and declaring that the company has the required margin of solvency or minimum guarantee fund; and

b

that either—

i

the F54TreasuryF55have informed the company that it may begin to carry on the reinsurance business; or

ii

the period of three months beginning with the date of service of that notice has expired.