Paragraph 4

United Kingdom

(1)

An EC company shall not carry on reinsurance business of any description through a branch in the United Kingdom unless—

(a)

the company is entitled under the law of its home State to carry on business of that description; and

(b)

the requirements of this paragraph have been complied with in respect of that branch.

(2)

The requirements of this paragraph are—

(a)

that the company has served on the F1Treasury—

(i)

a written notice stating its intention to carry on reinsurance business and containing the requisite details; and

(ii)

a statement from the supervisory authority in its home State stating the classes of business which the company carries on and declaring that the company has the required margin of solvency or minimum guarantee fund; and

(b)

that either—

(i)

the TreasuryF2have informed the company that it may begin to carry on the reinsurance business; or

(ii)

the period of three months beginning with the date of service of that notice has expired.

Annotations

Textual amendments

F1: Word in Sch. 2F para. 4 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. 4(2)(b)(i) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 75 (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F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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