Residual power to protect policy holdersU.K.
15The [F2Treasury] may exercise [F3their] 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(a)has informed the [F2Treasury] that the company’s authorisation has been withdrawn, or has lapsed, in accordance with Article 22 of the first general insurance Directive or Article 26 of the first long term Directive; and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 [F2Treasury] to take measures in the United Kingdom to safeguard the interests of policy holders of the company.
Textual Amendments
F2Word in Sch. 2F para. 15 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)
F3Word in Sch. 2F para. 15 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 80 (with art. 7)