Paragraph 10

United Kingdom

(1)

A UK insurer which intends to provide insurance in an EFTA State may apply to the F1Treasury for a certificate—

(a)

attesting that the insurer possesses for its activities as a whole the minimum solvency margin calculated in accordance with the relevant provisions;

(b)

indicating the classes of business which the insurer is authorised to carry on in the United Kingdom;

(c)

stating that the TreasuryF2do not object to the insurer providing the insurance; and

(d)

in the case of a company, attesting that the company’s authorisation to carry on business in the United Kingdom, issued in accordance with Article 7(1) of the relevant Directive, enables the company to carry on business outside the EEA State of establishment.

(2)

If it appears to the Treasury that a certificate applied for under sub-paragraph (1) above ought to be issued, F3they shall issue the certificate accordingly.

(3)

If the TreasuryF4refuse to issue a certificate, F5theyshall inform the company in writing of F6their decision and of the reasons for it.

(4)

In sub-paragraph (1) above “the relevant Directive” and “the relevant provisions” mean respectively—

(a)

if the company intends to cover risks, the first general insurance Directive and Articles 16 and 17 of that Directive;

(b)

if the company intends to cover commitments, the first long term insurance Directive and Articles 18, 19 and 20 of that Directive.

Annotations

Textual amendments

F1: Word in Sch. 2G para. 10 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 88 (with art. 7)
F2: Word in Sch. 2G para. 10(1)(c) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(a) (with art. 7)
F3: Word in Sch. 2G para. 10(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(b) (with art. 7)
F4: Word in Sch. 2G para. 10(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(c)(i) (with art. 7)
F5: Word in Sch. 2G para. 10(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(c)(ii) (with art. 7)
F6: Word in Sch. 2G para. 10(3) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 93(c)(iii) (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F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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 2G

Textual amendments

F1: Sch. 2G inserted (1.7.1994) by S.I. 1994/1696, reg. 46(2), Sch. 7

Modifications

C1: Sch. 2G: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 61