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Insurance Companies Act 1982 (repealed)
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Changes over time for: Paragraph 6
Version Superseded: 01/12/2001
Alternative versions:
- 01/07/1994- Amendment
- 05/01/1998- Amendment
- 05/01/1998
Point in time - Stop date 01/12/2001- Amendment
Status:
Point in time view as at 05/01/1998. This version of this provision has been superseded.
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Insurance Companies Act 1982 (repealed), Paragraph 6 is up to date with all changes known to be in force on or before 10 November 2024.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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6(1)A UK insurer shall not change the requisite details of the provision of insurance in a member State other than the United Kingdom unless the requirements of this paragraph have been complied with in relation to its making of the change.
(2)The requirements of this paragraph are—
(a)that the insurer has given a notice to the [F2Treasury] stating the details of the proposed change;
(b)that the [F2Treasury][F3have] sent to the supervisory authority in the member State in which the insurance is provided a notice in accordance with sub-paragraph (4)(a) below.
(3)In the case of a change occasioned by circumstances beyond the insurer’s control, the requirements of this paragraph are that the insurer shall as soon as practicable give a notice to the [F2Treasury] stating the details of the change.
(4)The [F2Treasury] shall, as soon as practicable after receiving a notice under sub-paragraph (2)(a) above either—
(a)give notice to the supervisory authority in the member State in which the insurance is provided informing it of the proposed change; or
(b)refuse to give such notice.
(5)The [F2Treasury] shall, as soon as practicable after making a decision under sub-paragraph (4) above, notify the insurer—
(a)that [F4they have]given the notice referred to in that sub-paragraph, stating the date on which [F4they did] so; or
(b)that [F5they have] refused to give the notice, stating the reasons for the refusal.
(6)In the case of a UK company, the [F2Treasury] shall not refuse to give the notice referred to in sub-paragraph (4)(a) above unless, having regard to the proposed change, it appears to [F6them] that the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.
Textual Amendments
F2Word in Sch. 2G para. 6 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 88 (with art. 7)
F3Word in Sch. 2G para. 6(2)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 92(a) (with art. 7)
F4Words in Sch. 2G para. 6(5)(a) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 92(b)(i)(with art. 7)
F5Words in Sch. 2G para. 6(5)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 92(b)(ii) (with art. 7)
F6Word in Sch. 2G para. 6(6) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 92(c) (with art. 7)
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