Section 3 Authorisation by Secretary of State.C1C2
United Kingdom
The F1Treasurymay authorise a body to carry on in the United Kingdom such of the classes of insurance business specified in Schedule 1 or 2 to this Act, or such parts of those classes, as may be specified in the authorisation.
An authorisation under this section may be restricted to industrial assurance business or to reinsurance business; and a body may not carry on industrial assurance business by virtue of an authorisation under this section unless the authorisation expressly extends to such business.
An authorisation under this section may identify classes or parts of classes of general business by referring to the appropriate groups specified in Part II of Schedule 2 to this Act.
On the issue to a body of an authorisation under this section, any previous authorisation of that body under this section or section 4 below shall lapse.
Annotations
Textual amendments
- F1
Word in s. 3 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 2 (with art. 7)
Modifications
- C1
S. 3 restricted by Financial Services Act 1986 (c. 60, SIF 69), s. 129, Sch. 10 para. 10(1)
s. 3: power to exclude conferred by Financial Services Act 1986 (c. 60, SIF 69), s. 184(5)
- C2
S. 3 modified (24.12.1996) by S.I. 1996/3011, regs.3(1)(a), 10(1),
S. 3: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 2
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)