Regulation 5 Amendments of the 1981 Regulations

In paragraph (1) of regulation 2 of the 1981 Regulations (interpretation: general)—

After that paragraph insert the following paragraph—

“(1A)

This paragraph applies to any authorisation under section 3 of the Insurance Companies Act 1982 which is an authorisation to carry on general business and is not restricted to reinsurance business.”

In paragraph (3) of regulation 29 of those Regulations (authorisation: submission of information), for the definition of “non-UK Community company” substitute the following definition—

• ““non-UK Community company”, in Schedule 4 and paragraph (2) so far as relating to that Schedule, means an insurance company whose head office is in a member State other than the United Kingdom, and in Schedule 5 and paragraph (2) so far as relating to that Schedule, means such an insurance company or a Swiss general insurance company.”

At the beginning of paragraph 9 of Part II of Schedule 5 to those Regulations (information to be submitted: general business), insert the words “In the case of an insurance company whose head office is in a member State other than the United Kingdom,”.

After that paragraph insert the following paragraph—

“9A

In the case of a Swiss general insurance company, a statement from the supervisory authorities in Switzerland—

(a)

stating the classes of insurance business which the company is authorised to carry on in Switzerland,

(b)

specifying the risks covered there,

(c)

declaring that the company is constituted in Switzerland in a form permitted by Annex 3 of the Agreement signed on 10th October 1989 between the European Economic Community and the Swiss Confederation on direct insurance other than life assurance^f1,

(d)

confirming that the company limits its business activities to insurance and to operations directly arising therefrom to the exclusion of all other commercial business,

(e)

declaring that the company has the required solvency margin or minimum guarantee fund, and

(f)

specifying the financial resources from which the costs referred to in paragraph 17 below will be met.”