Regulation 7
No fee shall be payable under regulation 4 where, at the date upon which the documents are deposited under section 22(1) of the Act—
the insurance company is subject to the process of winding up and cannot lawfully effect any contracts of insurance; or
the insurance company is subject to a direction given under section 11 of the Act or section 11 of the Insurance Companies Act 1981 M1, or given under section 12A of the Act and confirmed by the Treasury pursuant to section 12A(6) of the Act M2, that it shall cease to be authorised to effect contracts of insurance (including reinsurance) of all classes for which it had been authorised under section 3 or 4 of the Act or under section 3 or 4 of the said Act of 1981; or
the insurance company is subject to a restriction imposed under section 68 of the Companies Act 1967 M3 or section 13 of the Insurance Companies Amendment Act 1973 M4, or imposed or deemed to have been imposed under section 29 of the Insurance Companies Act 1974 M5 which, in any of those cases and taking into account the authorisation of the company, has the result that the company is prohibited from effecting any contract of insurance (including reinsurance) in the United Kingdom.
Annotations
Marginal citations
- M1
- M2
Section 12A was inserted by S.I. 1994/1696, regulation 11 and references to the “Treasury” were substituted for references to the “Secretary of State” by article 8 of, and paragraph 9 of the Schedule to, the Transfer of Functions (Insurance) Order 1997 (S.I. 1997/2781).
- M3
- M4
- M5