Section 52A Issue of certificates by Secretary of State.F1C1
United Kingdom
Where it is proposed to execute an instrument by which—
an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—
to a UK company; or
to a non-EC company whose solvency is supervised by the F3Treasury in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,
all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or
a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; or
a Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,
the Treasurymay, if F5they are satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.
In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; F6'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance.
Annotations
Textual amendments
- F1
S. 52A inserted by S.I. 1990/1333, reg. 9(2)
- F2
S. 52A(1) inserted (1.7.1994) by S.I. 1994/1696, reg. 29
- F3
Words in s. 52A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt.I para. 36(a)(with art. 7)
- F4
S. 52A(1)(aa) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(7)
- F5
Words in s. 52A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 36(b)(with art. 7)
- F6
Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)
Modifications
- C1
S. 52A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 36
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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 Part II
Modifications
- C1
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)