Paragraph 9
United Kingdom
The insurance company shall not be regarded as conducting its business in a sound and prudent manner if it fails to supervise the activities of a subsidiary undertaking—
(a)
with due care and diligence; and
(b)
without detriment to the company’s business.
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
Notes on Schedule 2A
Textual amendments
- F1
Sch. 2A inserted (1.7.1994) by S.I. 1994/1696, reg. 5(3), Sch. 1
Modifications
- C1
Sch. 2A: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 56