Paragraph 15
United Kingdom
The F1Treasury may exercise F2their powers under section 45 above in relation to an EC company if the supervisory authority in the company’s home State—
has informed the Treasury that the company’s authorisation has been withdrawn, or has lapsed, in accordance with Article 22 of the first general insurance Directive or Article 26 of the first long term Directive; and
in accordance with that Article, has requested the Treasury to take measures in the United Kingdom to safeguard the interests of policy holders of the company.
Annotations
Textual amendments
- F1
Word in Sch. 2F para. 15 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)
- F2
Word in Sch. 2F para. 15 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 80 (with art. 7)
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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 2F]
Textual amendments
- F1
Sch. 2F inserted (1.7.1994) by S.I. 1994/1696, reg. 45(2), Sch. 6
Modifications
- C1
Sch. 2F: Power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 60