Article 26 EC companies carrying on direct insurance through UK branchI1

United Kingdom

(1)

This article applies to an EEA firm which was, immediately before commencement—

(a)

an EC company within the meaning of the Insurance Companies Act; and

(b)

by reason of compliance with the requirements of paragraph 1 of Schedule 2F to that Act, able to carry on direct insurance business through a branch in the United Kingdom without contravening section 2(1) of that Act.

(2)

The firm is to be treated as satisfying the establishment conditions in paragraph 13 of Schedule 3 and, accordingly, is to be treated—

(a)

as qualifying for authorisation under Schedule 3 as a result of paragraph 12 of that Schedule; and

(b)

as being an “incoming firm” for the purposes of Part XIII of the Act.

(3)

For the purposes of paragraph 15(1) of Schedule 3 as it applies to the firm, each activity which immediately before commencement the firm was—

(a)

by reason of compliance with the requirements of paragraph 1 of Schedule 2F to the Insurance Companies Act, able to carry on through a branch in the United Kingdom without contravening that paragraph, and

(b)

able so to carry on without contravening paragraph 2 of that Schedule,

is a permitted activity.

(4)

The reference in paragraph 15(2) of Schedule 3 to the consent notice is to be read, in relation to the firm, as a reference to—

(a)

the notice and certificate under paragraph 1(2)(a) of Schedule 2F to the Insurance Companies Act; and

(b)

any later notices under paragraph 2 of that Schedule that are relevant.

Annotations

Commencement

I1: Art. 26 in force at 1.12.2001, see art. 1(2)(b)