SCHEDULE 2F] RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES
PART IEC COMPANIES CARRYING ON BUSINESS ETC. IN THE UNITED KINGDOM
Power to withdraw recognition
17
(1)
This paragraph applies where—
(a)
an EC company is carrying on insurance business or providing insurance in the United Kingdom; and
(b)
the Secretary of State is notified by the supervisory authority in the home State that the company’s authorisation has been withdrawn, or has lapsed, in accordance with Article 22 of the first general insurance Directive or Article 26 of the first long term insurance Directive.
(2)
The Secretary of State may direct the company to cease to carry on insurance business or provide insurance, or to cease to carry on insurance business or provide insurance of a specified description, in the United Kingdom through all, or any specified, establishments.
(3)
Where the Secretary of State receives notification under sub-paragraph (1) above he shall forthwith inform the connected UK authorities of its receipt.
(4)
After giving such a direction, the Secretary of State shall by notice in writing inform the company of his reasons for doing so.
(5)
A direction under this paragraph does not prevent the company from effecting or carrying outa contract of insurance in pursuance of a term of a subsisting contract of insurance.