C1Part II Regulation of Insurance Companies
Changes of director, controller or manager etc.
C261 Approval of person proposing to become controller of insurance company where section 60 does not apply.
1
No person shall become a controller of an insurance company to which this Part of this Act applies otherwise than by virtue of an appointment in relation to which section 60 above has effect unless—
C3a
he has served on the F2Treasury a written notice stating that he intends to become a controller of that company and containing such particulars as may be prescribed; and
b
either the F2TreasuryF3 have, before the expiration of the period of three months beginning with the date of service of that notice, notified him in writing that there is no objection to his becoming a controller of the company or that period has elapsed without the F2Treasury having served on him a written notice of objection.
F41A
The F2Treasury may serve a notice of objection under subsection (1) above on the ground—
a
that it appears to F5the Treasurythat the person concerned is not a fit and proper person to become a controller of the company; or
b
where the company is a UK or non-EC company, that it appears to F5the Treasury that, if that person were to become such a controller, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.
F42
Before serving such a notice the F2Treasury shall serve on the person proposing to become a controller a preliminary notice stating—
a
F82A
The F2Treasurymay serve a notice of objection under subsection (1) above for the purpose of implementing any decision of the Council or Commission of the Communities under—
a
Article 29b(4) of the first general insurance Directive; or
b
Article 32b(4) of the first long term insurance Directive.
3
4
Where representations are made in accordance with this section the F2Treasury shall take them into consideration before serving the notice of objection.
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)