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Insurance Companies Act 1982 (repealed)
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Changes over time for: Paragraph 10
Version Superseded: 05/01/1998
Alternative versions:
- 01/07/1994- Amendment
- 23/12/1996
Point in time - 05/01/1998- Amendment
- Stop date 01/12/2001- Amendment
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Point in time view as at 23/12/1996. This version of this provision has been superseded.
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Insurance Companies Act 1982 (repealed), Paragraph 10 is up to date with all changes known to be in force on or before 03 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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10(1)A UK insurer which intends to provide insurance in an EFTA State may apply to the Secretary of State for a certificate—
(a)attesting that the insurer possesses for its activities as a whole the minimum solvency margin calculated in accordance with the relevant provisions;
(b)indicating the classes of business which the insurer is authorised to carry on in the United Kingdom;
(c)stating that the Secretary of State does not object to the insurer providing the insurance; and
(d)in the case of a company, attesting that the company’s authorisation to carry on business in the United Kingdom, issued in accordance with Article 7(1) of the relevant Directive, enables the company to carry on business outside the EEA State of establishment.
(2)If it appears to the Secretary of State that a certificate applied for under sub-paragraph (1) above ought to be issued, he shall issue the certificate accordingly.
(3)If the Secretary of State refuses to issue a certificate, he shall inform the company in writing of his decision and of the reasons for it.
(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.
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