Insurance Companies Act 1982 (repealed)

Issue of certificates by Secretary of State U.K.

10 (1) A UK insurer which intends to provide insurance in an EFTA State may apply to the [F2 Treasury] 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 [F2 Treasury][F3 do] 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 [F2 Treasury] that a certificate applied for under sub-paragraph (1) above ought to be issued, [F4 they] shall issue the certificate accordingly.

(3) If the [F2 Treasury][F5 refuse] to issue a certificate, [F6 they]shall inform the company in writing of [F7 their] 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.

Textual Amendments

F2 Word in Sch. 2G para. 10 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 88 (with art. 7)

F3 Word in Sch. 2G para. 10(1)(c) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(a) (with art. 7)

F4 Word in Sch. 2G para. 10(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(b) (with art. 7)

F5 Word in Sch. 2G para. 10(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(c)(i) (with art. 7)

F6 Word in Sch. 2G para. 10(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(c)(ii) (with art. 7)

F7 Word in Sch. 2G para. 10(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(c)(iii) (with art. 7)