Regulation 5 Main agents: exceptions

(1)

An unlimited agent shall not be regarded as a main agent of an applicant for the purposes of section 96E(1)(b) of the Act^f1 if—

(a)

he was appointed before 1st April 1982, and

(b)

for the base period and for every subsequent financial year for which a set of annual accounts has been deposited by the applicant under section 22 of the Act, the value of the agent’s business has been not more than 10 per cent. of the value of the applicant’s business.

(2)

In this regulation—

“the base period” means the financial year covered by the last set of annual accounts deposited by the applicant under section 18 of the Insurance Companies Act 1974^f2 before 1st April 1982;
“unlimited agent” means a person appointed by an applicant to be the applicant’s agent in respect of general business in the United Kingdom with authority to enter into contracts on behalf of the applicant without limit on the aggregate amount of premiums;
“the value of the agent’s business” means the aggregate of the amounts of gross premiums receivable by the applicant in respect of general business in the United Kingdom under contracts entered into by the agent on the applicant’s behalf;
“the value of the applicant’s business” means the aggregate of the amounts of gross premiums receivable by the applicant in respect of general business in the United Kingdom.

Annotations

Footnotes

f1: Section 96E(1)(b) was inserted by S.I. 1994/1696, reg. 54.
f2: 1974 c. 49.