Insurance Companies Act 1982 (repealed)

60 Approval of proposed managing director or chief executive of insurance company. U.K.

(1) No insurance company to which this Part of this Act applies shall appoint a person as managing director or chief executive of the companies unless—

(a) the company has served on the [F1 Treasury] a written notice stating that it proposes to appoint that person to that position and containing such particulars as may be prescribed; and

(b) either the [F1 Treasury][F2 have], before the expiration of the period of three months beginning with the date of service of that notice, notified the company in writing that there is no objection to that person being appointed to that position or that period has elapsed without the [F1 Treasury] having served on the company a written notice of objection.

(2) A notice served by a company under subsection (1)(a) above shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.

[F3 (3) The [F1 Treasury] may serve a notice of objection under subsection (1) above on the ground—

(a) that it appears to [F4 the Treasury]that the person proposed to be appointed is not a fit and proper person to be appointed to the position in question; or

(b) where the insurance company is a UK or non-EC company, that it appears to [F4 the Treasury] that, if that person were appointed, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.

F3 (3A) Before serving such a notice the [Treasury]shall serve on the company and on the person proposed to be appointed a preliminary notice stating—

(a) that the [F1 Treasury][F5 are]considering the service on the company of a notice of objection on that ground; and

(b) that the company or that person may, within the period of one month from the date of service of the preliminary notice, make written representations to the [F1 Treasury] and, if the company or that person so requests, oral representations to an officer of the [F6 the Treasury] appointed for the purpose by the [F1 Treasury].]

(4) The [F1 Treasury] shall not be obliged to disclose to the company or to the person proposed to be appointed any particulars of the ground on which [F7 they are]considering the service on the company of a notice of objection.

(5) Where representations are made in accordance with this section the [F1 Treasury] shall take them into consideration before serving the notice of objection.

Textual Amendments

F1 Words in s. 60 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para.40(a) (with art. 7)

F2 Words in s.60(1)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 40(b) (with art. 7)

F3 S. 60(3)(3A) substituted for s. 60(3) (1.7.1994) by S.I. 1994/1696, reg. 32

F4 Words in s. 60(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 40(c) (with art. 7)

F5 Words in s. 60(3A)(a) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para.40(d)(i) (with art. 7)

F6 Words in s. 60(3A)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 40(d(ii)) (with art. 7)

F7 Words in s. 60(4) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 40(e) (with art. 7)

Modifications etc. (not altering text)

C2 S. 60: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 40