Paragraph 3 Certificate by directors etc.

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.6, para.1 amended by Insurance Companies (Accounts and Statements) 1997 reg.19
Sch.6, para.10 amended by Insurance Companies (Accounts and Statements) 1997 reg.20(1)
Sch.6, para.10 renumbered (as para.10(1)) by Insurance Companies (Accounts and Statements) 1997 reg.20(3)
Sch.6, para.10(2) added by Insurance Companies (Accounts and Statements) 1997 reg.20(3)

Subject to paragraph 7 below, the certificate required by regulation 28(a) above shall also state, separately in respect of long term business and of general business—

(a)

in the case of—

(i)

an EFTA company or an EEA deposit company, that the value of the admissible assets of the long term business or of the general business carried on by the company through a branch in the United Kingdom was maintained throughout the financial year in question at not less than the amount of the liabilities of that business; and

(ii)

a Swiss general insurance company, that the value of the admissible assets of the general business carried on by the company through a branch in the United Kingdom was maintained throughout the financial year in question at not less than the amount of the liabilities of that business;

(b)

in the case of an external company (other than a pure reinsurer)—

(i)

that the company has kept throughout the financial year in question admissible assets representing the required United Kingdom minimum margin of an amount at least equal to the appropriate guarantee fund or minimum guarantee fund, whichever was the greater, within the United Kingdom and has kept throughout that year admissible assets representing the remainder of that minimum margin within the United Kingdom and the other EEA States; and

(ii)

that the deposit made in accordance with section 9(1)(c) of the Act has been maintained throughout that year at a level equal to at least the minimum as defined in regulation 7 of the Insurance Companies Regulations; and

(c)

in the case of a United Kingdom deposit company—

(i)

that the company has kept throughout the financial year in question admissible assets representing the required EEA minimum margin of an amount at least equal to the appropriate guarantee fund or minimum guarantee fund, whichever was the greater, within the EEA States concerned and has kept throughout that year admissible assets representing the remainder of that minimum margin within the EEA States concerned and the other EEA States; and

(ii)

that the deposit made in accordance with section 9(2) of the Act has been maintained throughout that year at a level equal to at least the minimum as defined in regulation 7 of the Insurance Companies Regulations.