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

Residual power to protect policy holders

15

The F54Treasury may exercise F55their powers under section 45 above in relation to an EC company if the supervisory authority in the company’s home State—

a

has informed the F54Treasury that the company’s authorisation has been withdrawn, or has lapsed, in accordance with Article 22 of the first general insurance Directive or Article 26 of the first long term Directive; and

b

in accordance with that Article, has requested the F54Treasury to take measures in the United Kingdom to safeguard the interests of policy holders of the company.