PART IIAUTHORISATION AND PERMISSION FOR PERSONS AUTHORISED ETC. UNDER OLD LAW
CHAPTER Ipermissions under part iv of the act
Insurance companies
EC companies carrying on reinsurance businessI115
1
This article applies to a person who was, immediately before commencement, an EC company within the meaning of the Insurance Companies Act and was by reason of compliance with—
a
the requirements of paragraph 4 of Schedule 2F to the Insurance Companies Act13;
b
Gibraltar requirements (within the meaning of paragraph 28(2) of Schedule 2F to that Act) corresponding to those in that paragraph,
able to carry on reinsurance business through a branch in the United Kingdom without contravening section 2(1) of that Act.
2
Subject to paragraph (3), the person is to be treated as having, at commencement, a Part IV permission to carry on any regulated activity which immediately before commencement he was—
a
by reason of compliance with the requirements mentioned in paragraph (1)(a) or (b) (as the case may be) able to carry on through a branch in the United Kingdom without contravening paragraph 4 of Schedule 2F to that Act; and
b
able so to carry on without contravening paragraph 5 of that Schedule.
3
Paragraph (2) does not apply—
a
to a person falling within paragraph (1)(b) unless he is, at commencement, carrying on a regulated activity in the United Kingdom;
b
where the person falling within paragraph (1) has (whether by virtue of this Order or otherwise) permission under Schedule 4 to carry on reinsurance business.