Section 81I Provisions as to transfer of business.F1F2
United Kingdom
The Secretary of State shall not approve a transfer on an application under section 51(1) above (transfer of general business to another company in the United Kingdom) relating to policies written by way of provision of insurance in another member State unless—
the transferee fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the member State where the risk is situated, and
the supervisory authorities of that member State agree to the transfer.
The Secretary of State may approve a transfer on an application under section 51(1) above notwithstanding the provisions of paragraphs (a)(ii) and (b) of subsection (4) of that section (which require the transferee to be carrying on insurance business in the United Kingdom and to be authorised under section 3 or 4 above) where he is satisfied that—
the transfer relates to policies covering risks situated in another member State,
the transferee is an insurance company established in another member State and the supervisory authorities of that member State agree to the transfer, and
where the risk is not situated in the transferee’s member State of establishment—
the transferee fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the member State where the risk is situated,
the law of that member State provides for the possibility of such a transfer, and
the supervisory authorities of that member State agree to the transfer.
An instrument giving effect to any such transfer as is mentioned in subsection (1) or (2) above shall not bind a policy holder whose policy is included in the instrument unless notice of the execution of the instrument has been published, in a manner directed by the Secretary of State, in the member State in which the risk is situated.
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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 another member State
Textual amendments
- F1
Pt. IIIA (ss. 81A–81J) inserted by S.I. 1990/1333, reg. 10