Part XIII Incoming Firms: Intervention by FCA or PRA

Exercise of power of intervention

198 Power to apply to court for injunction in respect of certain overseas insurance companies.

(1)

This section applies if the F1appropriate regulator has received a request made in respect of an incoming EEA firm in accordance with—

(a)

Article 20.5 of the first non-life insurance directive; F2. . .

F3(b)

Article 37.5 of the life assurance consolidation directiveF4; or

(c)

Article 42.4 of the reinsurance directive

(2)

The court may, on an application made to it by the F1appropriate regulator with respect to the firm, grant an injunction restraining (or in Scotland an interdict prohibiting) the firm disposing of or otherwise dealing with any of its assets.

(3)

If the court grants an injunction, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as it considers necessary to enable the F1appropriate regulator to perform any of its functions under this Act.

F5(3A)

“The appropriate regulator” means whichever regulator is, at the time when the request is received, the competent authority for the purposes of the provision referred to in subsection (1)(a), (b) or (c).

(4)

“The court” means—

(a)

the High Court; or

(b)

in Scotland, the Court of Session.