Part I Restriction on Carrying on Insurance Business
Withdrawal of authorisation
C113 Final withdrawal of authorisation.
F11
Where—
a
a UK company ceases to carry on insurance business or insurance business of any class in the European Community; or
b
an insurance company which is not a UK company ceases to carry on insurance business or insurance business of any class in the United Kingdom,
the F2Treasury may direct that it shall cease to be authorised under section 3 or 4 above to carry on insurance business or insurance business of that class.
F12
If—
a
a body authorised under section 3 above to carry on insurance business of any class has not at any time carried on insurance business of that class, and at least twelve months have elapsed since the issue of the authorisation; or
b
a body authorised under section 4 above to carry on insurance business of any class has not at any time since the commencement of this Act carried on business of that class,
the F2Treasury may direct that the body shall cease to be authorised to carry on business of that class.
2A
The F2Treasury may direct that an insurance company shall cease to be authorised to carry on business which is insurance business by virtue of section 95(c)(ii) of this Act if it appears to F3the Treasury that the company has failed to satisfy an obligation to which it is subject by virtue of the Financial Services Act 1986 or, if it is a member of a recognised self-regulating organisation within the meaning of that Act, an obligation to which it is subject by virtue of the rules of that organisation.
2B
Subsections (3), (5) and (6) of section 11 and subsections (1) and (5) to (8) of section 12 above shall apply to a direction under subsection (2A) above as they apply to a direction under section 11.
3
A direction under this section is without prejudice to the subsequent issue of an authorisation to carry on insurance business of a class to which the direction relates.
Withdrawal of authorisation
C113 Final withdrawal of authorisation.
1
Where—
a
a UK company ceases to carry on insurance business or insurance business of any class in the European Community; or
b
an insurance company which is not a UK company ceases to carry on insurance business or insurance business of any class in the United Kingdom,
the Treasury may direct that it shall cease to be authorised under section 3 or 4 above to carry on insurance business or insurance business of that class.
F12
If—
a
a body authorised under section 3 above to carry on insurance business of any class has not at any time carried on insurance business of that class, and at least twelve months have elapsed since the issue of the authorisation; or
b
a body authorised under section 4 above to carry on insurance business of any class has not at any time since the commencement of this Act carried on business of that class,
the Treasury may direct that the body shall cease to be authorised to carry on business of that class.
2A
The Treasury may direct that an insurance company shall cease to be authorised to carry on business which is insurance business by virtue of section 95(c)(ii) of this Act if it appears to the Treasury that the company has failed to satisfy an obligation to which it is subject by virtue of the Financial Services Act 1986 or, if it is a member of a recognised self-regulating organisation within the meaning of that Act, an obligation to which it is subject by virtue of the rules of that organisation.
2B
Subsections (3), (5) and (6) of section 11 and subsections (1) and (5) to (8) of section 12 above shall apply to a direction under subsection (2A) above as they apply to a direction under section 11.
3
A direction under this section is without prejudice to the subsequent issue of an authorisation to carry on insurance business of a class to which the direction relates.