Section 81D Powers of interventionF1F2
United Kingdom
Where it appears to the Secretary of State that an insurance company providing insurance in the United Kingdom has failed to comply with any provision of this Act, he may require it to take such steps as he may specify to comply with that provision.
If the company fails to comply with a requirement under subsection (1), the Secretary of State shall notify the competent authorities of the member State of establishment.
If such a company persists in contravening a provision of this Act which has been the subject of a requirement under subsection (1), the Secretary of State may, after informing the competent authorities of the member State of establishment, direct the company to cease to provide insurance, or insurance of any specified description, in the United Kingdom.
After giving such a direction, the Secretary of State shall by notice in writing inform the company of his reasons for doing so.
A direction under this section does not prevent the company from effecting a contract of insurance in pursuance of a term of a subsisting contract of insurance.
A requirement or direction under this section may be varied or revoked by the Secretary of State.
Annotations
Textual amendments
- F1
Pt. IIIA (ss. 81A–81J) inserted by S.I. 1990/1333, reg. 10
- F2
S. 81B substituted for ss.81B-81J (1.7.1994) by S.I. 1994/1696, reg. 46(1)
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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 IIIA
Textual amendments
- F1
Part III: S. 81A and Part heading substituted for s. 81A (1.7.1994) by S.I. 1994/1696, reg. 45(1)
Notes on Provision of insurance in the United Kingdom
Textual amendments
- F1
Pt. IIIA (ss. 81A–81J) inserted by S.I. 1990/1333, reg. 10