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Insurance Companies Act 1982 (repealed)
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- UK Public General Acts
- 1982 c. 50
- [SCHEDULE 2D]
- Objection to existing controller
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Changes over time for: Cross Heading: Objection to existing controller
No versions valid at: 20/05/1993
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- 01/07/1994- Amendment
- 20/05/1993
Point in time - 05/01/1998- Amendment
- 01/12/2001- Amendment
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Insurance Companies Act 1982 (repealed), Cross Heading: Objection to existing controller is up to date with all changes known to be in force on or before 23 February 2025. 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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Valid from 01/07/1994
Objection to existing controllerU.K.
4(1)Where it appears to the Secretary of State that the criteria of sound and prudent management are not or may not be fulfilled in respect of a UK company by reason of the ability of a person who is a controller of the company to influence the company, he may—
(a)where that person is the managing director or chief executive, serve on the company; and
(b)in any other case, serve on that person,
a written notice of objection to that person continuing to be a controller of the company.
(2)Before serving a notice of objection under this paragraph, the Secretary of State shall serve—
(a)on the person concerned; and
(b)where that person is the managing director or chief executive, on the company, a preliminary written notice stating that the Secretary of State is considering serving a notice of objection under this paragraph.
(3)A notice under sub-paragraph (2) above shall—
(a)give particulars of the rights conferred by sub-paragraph (4) below; and
(b)specify the criteria of sound and prudent management which are not or may not be fulfilled in respect of the company.
(4)A person served with a notice under sub-paragraph (2) above may, within the period of one month beginning with the day on which the notice is served—
(a)make written representations to the Secretary of State; and
(b)if that person so requests, oral representations to an officer of the Department of Trade and Industry appointed for the purpose by the Secretary of State.
(5)Where representations are made in accordance with this paragraph, the Secretary of State shall take them into consideration before serving a notice of objection.
(6)The Secretary of State shall not be obliged to disclose to the person concerned or to the company any particulars of the ground on which he is considering the service of a notice of objection.
(7)After a notice of objection has been served on a company in relation to a person who is a managing director or chief executive, the company shall forthwith remove that person from that office.
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