Paragraph 1
United Kingdom
The Board shall consist of five persons appointed by the F1Treasury to be members of the Board, together with any persons appointed by the Treasury under sub-paragraph (3) below to be alternate members.
Of the persons appointed to be members of the Board—
at least three shall be persons who are directors, chief executives or managers of authorised insurance companies; and
at least one shall be a person appearing to the Treasury to be qualified to represent the interests of policyholders of authorised insurance companies.
The Treasury may appoint, in respect of each member of the Board, a person to perform his duties as a member in his absence, and a person so appointed shall be an alternate member of the Board and may take part in the proceedings of the Board in the absence of the member in respect of whom he was appointed or as provided by paragraph 4(4) below (but not otherwise).
A person appointed as an alternate member of the Board in respect of a person who is a director, chief executive or manager of an authorised insurance company shall himself be such a director, chief executive or manager; and a person so appointed in respect of any such person as is mentioned in sub-paragraph (2)(b) above shall himself be a person appearing to the Treasury to be qualified as there mentioned.
The Treasury shall consult persons appearing to F2themto be representative of the interests of authorised insurance companies before appointing a person who is a director, chief executive or manager of an authorised insurance company to be a member or alternate member of the Board.
Annotations
Textual amendments
- F1
Words in Sch. 1 para. 1 substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 99 (with art. 7)
- F2
Word in Sch. 1 para. 1(5) substituted (5.1.1998) by S.I. 1997/2781, arts. 2(1), 8(1), Sch. Pt. II paras. 98, 104(a) (with art. 7)
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(a)
Act continued for certain purposes (subject to modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9, 11, Sch. 1 Pt. I; S.I. 2001/3538, art. 1(2)
Notes on Schedule 1
Modifications
- C1
Sch. 1 (except paras. 5, 6): functions made exercisable by, or by employees of, such person as may be authorised in that behalf by the Treasury (18.11.1998) by S.I. 1998/2842, art. 2, Sch. Pt. II para. 63(d)