Statutory Instrument 1994 No. 1696

      The Insurance Companies (Third Insurance Directives) Regulations 1994


      © Crown Copyright 1994

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STATUTORY INSTRUMENTS

1994 No. 1696

INSURANCE

The Insurance Companies (Third Insurance Directives) Regulations 1994

Made 27th June 1994
Coming into force 1st July 1994


ARRANGEMENT OF REGULATIONS

General

Preliminary

Applications for authorisation

Withdrawal of authorisation

Preliminary

Financial resources

Powers of intervention

Transfers of insurance business

Winding up

Changes of director, controller or manager etc.

Miscellaneous and supplemental

Amendments of 1986 Act

Supplemental

PART I
1.  Citation, commencement and extent
2.  Interpretation
PART II
AMENDMENTS OF 1982 ACT
CHAPTER 1
RESTRICTION ON CARRYING ON INSURANCE BUSINESS
3.  Classification of long term business
4.  Restriction on carrying on insurance business
5.  Sound and prudent management: criteria which must be fulfilled
6.  Combination of long term and general business
7.  United Kingdom applicants
8.  Applicants from other EEA States etc.
9.  Applicants from non-EEA States etc.
10.  Withdrawal of authorisation in respect of new business
11.  Suspension of authorisation in urgent cases
12.  Final withdrawal of authorisation
CHAPTER II
REGULATION OF INSURANCE COMPANIES
13.  Insurance companies to which Part II applies
14.  Margins of solvency
15.  Companies supervised in other EEA States
16.  Form of situation of assets
17.  Adequacy of assets
18.  Adequacy of premiums: long term business
19.  Grounds on which powers of intervention are exercisable
20.  Requirements about investments
21.  Maintenance of assets in the United Kingdom
22.  Prohibition on disposal of assets
23.  General investigations
24.  Power to obtain information etc.
25.  Residual power to impose requirements for protection of policy holders
26.  Restriction on disclosure of information
27.  Privilege from disclosure
28.  Transfers of long term and general business
29.  Issue of certificates by Secretary of State
30.  Effect of transfers authorised in other EEA States
31.  Winding up on petition by Secretary of State
32.  Approval of proposed managing director or chief executive
33.  Approval of proposed controller where section 60 does not apply
34.  Approval of acquisition of notifiable holding in UK company
35.  Further provisions with respect to controllers of UK companies
36.  Duty to notify change of director, controller or manager
37.  Change of manager etc. of company from outside United Kingdom.
38.  Documents deposited in Northern Ireland
39.  Offences under Part II
CHAPTER III
CONDUCT OF INSURANCE BUSINESS
40.  Information for policy holders of UK insurers and EC companies
41.  Information for policy holders of EFTA companies
42.  Intermediaries in insurance business
43.  Statutory notice by insurer in relation to long term policy
44.  Linked long term policies and capital redemption
CHAPTER IV
RECOGNITION IN ACCORDANCE WITH INSURANCE DIRECTIVES
45.  Recognition in the United Kingdom of EC and EFTA companies
46.  Recognition in other EEA States of UK insurers
CHAPTER V
SPECIAL CLASSES OF INSURERS
47.  Industrial assurance business
48.  Lloyd's underwriters
CHAPTER VI
SUPPLEMENTARY PROVISIONS
49.  Applicable law
50.  General interpretation
51.  Interpretation of expressions derived from insurance Directives
52.  Meaning of "controller" etc.
53.  Meanings of "manager" and "chief executive"
54.  Meaning of "main agent"
55.  Meaning of "claims representative"
PART III
56.  Recognition of self-regulating organisations
57.  Authorised insurers
58.  Conduct of investment business
59.  Powers of intervention
60.  Information and auditors
61.  Qualifications of designated agency
62.  Prevention of restrictive practices
63.  Application of 1986 Act to insurance companies
64.  Insurance contracts effected in contravention of 1982 Act
65.  Industrial assurance
66.  Restrictions on disclosure of information
67.  Functions under this Part
PART IV
68.  Minor and consequential amendments and saving
69.  Transitional provisions: EC companies
70.  Transitional provisions: UK insurers
71.  Transitory provision

SCHEDULES

  SCHEDULE 1  —CRITERIA OF SOUND AND PRUDENT MANAGEMENT

  SCHEDULE 2  —RESTRICTION ON DISCLOSURE OF INFORMATION

  SCHEDULE 3  —TRANSFERS OF INSURANCE BUSINESS

  SCHEDULE 4  —FURTHER PROVISIONS WITH RESPECT TO CONTROLLERS OF UK COMPANIES

  SCHEDULE 5  —INFORMATION FOR POLICY HOLDERS

  SCHEDULE 6  —RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES

  SCHEDULE 7  —RECOGNITION IN OTHER EEA STATES OF UK INSURERS

  SCHEDULE 8  —MINOR AND CONSEQUENTIAL AMENDMENTS

 

Explanatory Note


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