Paragraph 8 C1

United Kingdom

(1)

An EC company shall not provide insurance of a class or part of a class in the United Kingdom unless the company is authorised in accordance with Article 6 of the first general insurance Directive or Article 6 of the first long term insurance Directive to carry on insurance business of that class or part of a class and either—

(a)

the requirements of this paragraph have been complied with in respect of that insurance; or

(b)

the insurance is provided by the company participating in a Community co-insurance operation otherwise than as the leading insurer.

(2)

The requirements of this paragraph are—

(a)

that the supervisory authority in the company’s home State has sent to the F1Treasury a notice containing the requisite details and a certificate in accordance with sub-paragraph (3) below; and

(b)

that the company has been notified by that authority that it has sent such a notice to the Treasury.

(3)

A certificate is in accordance with this sub-paragraph if it—

(a)

attests that the company has the minimum margin of solvency calculated in accordance with such of the following as are appropriate—

(i)

Articles 16 and 17 of the first general insurance Directive, and

(ii)

Articles 18, 19 and 20 of the first long term insurance Directive; and

(b)

indicates the classes of business which the company is authorised to carry on in accordance with Article 6 of the first general insurance Directive or Article 6 of the first long term insurance Directive.