Section 60 Approval of proposed managing director or chief executive of insurance company.C1

the company has served on the F1Treasury a written notice stating that it proposes to appoint that person to that position and containing such particulars as may be prescribed; and

either the TreasuryF2have, before the expiration of the period of three months beginning with the date of service of that notice, notified the company in writing that there is no objection to that person being appointed to that position or that period has elapsed without the Treasury having served on the company a written notice of objection.

that it appears to F4the Treasurythat the person proposed to be appointed is not a fit and proper person to be appointed to the position in question; or

where the insurance company is a UK or non-EC company, that it appears to the Treasury that, if that person were appointed, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.

that the TreasuryF5areconsidering the service on the company of a notice of objection on that ground; and

that the company or that person may, within the period of one month from the date of service of the preliminary notice, make written representations to the Treasury and, if the company or that person so requests, oral representations to an officer of the F6the Treasury appointed for the purpose by the Treasury.