(1)This section applies where the Commission is considering taking or has taken any measures in relation to a friendly society to which section 37(2) or (3) above applies which–
(a)carries on insurance business through an overseas branch in an EEA State other than the United Kingdom; or
(b)provides insurance in an EEA State other than the United Kingdom through an establishment in another EEA State.
(2)The Commission–
(a)shall, if required by Article 24 of the first life Directive or Article 20 of the first general insurance Directive, or by any other provision of the life or general insurance Directives to do so, notify any supervisory authority of such a State of those measures or proposed measures; and
(b)may, if it is satisfied that it is expedient to do so, request that authority to take similar measures in relation to the friendly society.
(3)In this section “measure" includes imposing conditions which prohibit the disposals of assets and exercising any power conferred by this Part of the Act.]
Textual Amendments
F1S. 57A substituted (1.9.1994) by S.I. 1994/1984 reg. 16