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Paragraph 17

United Kingdom

(1)

This paragraph applies where—

(a)

an EC company is carrying on insurance business or providing insurance in the United Kingdom; and

(b)

the F1TreasuryF2are notified by the supervisory authority in the home State that the company’s authorisation has been withdrawn, or has lapsed, in accordance with Article 22 of the first general insurance Directive or Article 26 of the first long term insurance Directive.

(2)

The Treasury may direct the company to cease to carry on insurance business or provide insurance, or to cease to carry on insurance business or provide insurance of a specified description, in the United Kingdom through all, or any specified, establishments.

(3)

Where the TreasuryF3receivenotification under sub-paragraph (1) above F4they shall forthwith inform the connected UK authorities of its receipt.

(4)

After giving such a direction, the Treasury shall by notice in writing inform the company of F5their reasons for doing so.

(5)

A direction under this paragraph does not prevent the company from effecting or carrying outa contract of insurance in pursuance of a term of a subsisting contract of insurance.

Annotations

Textual amendments

F1

Word in Sch. 2F para. 17 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. 17(1)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 82(a) (with art. 7)

F3

Word in Sch. 2F para. 17(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 82(b)(i) (with art. 7)

F4

Word in Sch. 2F para. 17(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 82(b)(ii)(with art. 7)

F5

Word in Sch. 2F para. 17(4) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 82(c) (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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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