Part XIIIIncoming Firms: Intervention by Authority
Exercise of power of intervention
198Power to apply to court for injunction in respect of certain overseas insurance companies
(1)
This section applies if the Authority 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; or
(b)
Article 24.5 of the first life insurance directive.
(2)
The court may, on an application made to it by the Authority 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 Authority to perform any of its functions under this Act.
(4)
“The court” means—
(a)
the High Court; or
(b)
in Scotland, the Court of Session.