Part I Restriction on Carrying on Insurance Business
Applications for authorisation
C19 Applicants from outside the Community.
1
The F2Treasury shall not issue an authorisation under section 3 above in respect of long term or general business to an applicant F3to which this section applies unless F4the Treasury are satisfied—
a
that the applicant is a body corporate entitled under the law of the place where its head office is situated to carry on long term or, as the case may be, general business there;
C2b
that the applicant has in the United Kingdom assets of such value as may be prescribed; and
c
that the applicant has made a deposit of such amount and with such person as may be prescribed;
but subject to subsection (2) and (3) below.
2
Where the applicant seeks to carry on insurance business in the United Kingdom and one or more other F5EEA States,the F2 Treasury and the supervisory authority in the other State or States concerned may agree that this subsection shall apply to the applicant; and in that event—
a
paragraph (b) of subsection (1) above shall have effect as if the reference to the United Kingdom were a reference to the F5EEA States concerned taken together; and
b
paragraph (c) of that subsection shall have effect as if the reference to such person as may be prescribed were a reference to such person as may be agreed between the F2Treasury and the other supervisory authority or authorities concerned.
3
Paragraph (c) of subsection (1) above shall not apply where the authorisation sought is one restricted to reinsurance.
4
5
The F2Treasury shall not issue an authorisation under section 3 above F6which is restricted to reinsurance business to an applicant to which this section applies if it appears to the F2Treasury that—
a
the representative of the applicant referred to in subsection (4) above or the individual representative referred to in section 10(5) below, or
b
any director, controller or manager of the applicant, or
c
a main agent of the applicant,
is not a fit and proper person to hold the position held by him.
F75A
An applicant is one to which this section applies if—
a
its head office is not in an EEA State; and
b
it is not an applicant to which section 8 above applies.
6
F8In this section
“controller”,
“manager” and
“main agent” have the same meanings as in section 7 above, except that for the purposes of this section the controllers of the applicant shall be taken to include any officer or employee who, either alone or jointly with others, is responsible for the conduct of the whole of the insurance business carried on by the applicant in the United Kingdom, not being a person who—
a
is also responsible for the conduct of insurance business carried on by it elsewhere; and
b
has a subordinate who is responsible for the whole of the insurance business carried on by the applicant in the United Kingdom.
7
Regulations under this Act may make such provision as to deposits under this section as appears to the F2Treasury to be necessary or expedient, including provision for the deposits of securities instead of money, and, in relation to deposits with the Accountant General of the Supreme Court, provision applying (with or without modification) any of the provisions of the rules for the time being in force under section 38(7) of the M1Administration of Justice Act 1982.