Paragraph 20

United Kingdom

(1)

Where it appears to the F1Treasury that an EFTA company providing insurance in the United Kingdom has failed to comply with any provision of this Act, F2they may require it to take such steps as they may specify to comply with that provision.

(2)

If the company fails to comply with a requirement under sub-paragraph (1) above, the Treasury shall notify the supervisory authority in the EEA State in which the establishment through which the insurance is provided is situated.

(3)

If the company persists in contravening a provision which has been the subject of arequirement under sub-paragraph (1) above, the Treasury may, after informing that supervisory authority, direct the company to cease to provide insurance, or insurance of any specified description, in the United Kingdom.

(4)

After giving such a direction, the Treasury shall by notice in writing inform the company of F3their reasons for doing so.

(5)

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

(6)

A requirement or direction under this paragraph may be varied or revoked by the Treasury.

Annotations

Textual amendments

F1: Word in Sch. 2F para. 20 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. 20(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 83(a) (with art. 7)
F3: Word in Sch. 2F para. 20(4) substituted (5.1.1998) by S.I. 1997/2781, art.8, Sch. Pt. I para. 83(b) (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F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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