Words in s. 5 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 3(a) (with art. 7)
Words in s. 5(1)(a)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 3(b)(i) (with art. 7)
Words in s. 5(1)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 3(b)(ii) (with art. 7)
S. 5(1A) inserted (1.7.1994) by S.I. 1994/1696, reg. 5(1)
Words in s. 5(1A)(1B) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 3(c)(d)(i) (with art. 7)
S. 5(1B)(1C) inserted (18.7.1996) by S.I. 1996/1669, reg. 18(1)
Words in s. 5(1B)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 3(d)(ii) (with art. 7)
Words in s. 5(2) inserted (19.11.1992) by S.I. 1992/2890, reg. 2(1)
Words in s. 5(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 3(e)(i) (with art. 7)
Word in s. 5(2) substituted (5.1.1998) by S.I.1997/2781, art. 8, Sch. Pt. I para. 3(e)(ii) (with art. 7)
S. 5(3) inserted (19.11.1992) by S.I. 1992/2890, reg. 2(2)
S. 5(4)(5) inserted (1.7.1994) by S.I. 1994/2696, reg. 5(2)
Words in definition of “EEA State" in s. 5 omitted (30.4.1996) by virtue of S.I. 1996/944, reg. 4(2)
s. 5: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I
The
the applicant has submitted to
The
The
the applicant is an undertaking which is closely linked with any person; and
the applicant’s close links with that person, or any matters relating to any non-EEA laws or administrative provisions to which that person is subject, are such as would prevent the effective exercise by
and in this subsection “non-EEA laws” means laws of a country or territory outside the European Economic Area and “non-EEA administrative provisions” shall be construed accordingly.
The
which is incorporated in the United Kingdom;
whose head office is outside the United Kingdom;
whose business is not restricted to business to which subsection (5) below applies; and
which is not excluded from each Directive mentioned in that subsection by Article 3 of that Directive.
The
Article 29b(4) of the first general insurance Directive; or
Article 32b(4) of the first long term insurance Directive.
In this Act—
'criteria of sound and prudent management’ means the criteria set out in Schedule 2A to this Act;
'EEA State’ means a State which is a Contracting Party to the EEA Agreement
'EFTA State’ means an EEA State which is not a member State;
'non-EC company’ means an insurance company—
whose head office is not in a member State;
which is authorised under section 3 or 4 above; and
whose business in the United Kingdom is not restricted to reinsurance business;
'UK company’ means an insurance company—
which is incorporated in the United Kingdom;
whose head office is in the United Kingdom;
which is authorised under section 3 or 4 above;
whose business is not restricted to business to which subsection (5) below applies; and
which is not excluded from each Directive mentioned in that subsection by Article 3 of that Directive;
and any reference in this Part to an applicant or body which is a UK or non-EC company includes a reference to an applicant or body which would be such a company if the authorisation sought by it were issued.
This subsection applies to—
reinsurance business;
business which is excluded from the first long term insurance Directive by Article 2(2) or (3) of that Directive;
business which is excluded from the first general insurance Directive by Article 2(2)(b) of that Directive; and
business which is exempted from the authorisation requirements contained in this Part of this Act by subsections (2) to (5) of section 2 above.