Regulation 4
* This information is not required from applicants already authorised to carry on insurance business in the United Kingdom.
† This information is required only in respect of the classes of insurance business for which new authorisation is being sought.
§ This information shall be provided as if a notice relating to the person concerned were being served on the Secretary of State pursuant to section 60(1)(a) or 61(1)(a) of the Act.
1. * Date of incorporation, place of incorporation and registered number.
2. * Brief summary of the objects of the company.
3. * A statement showing the amount by which the assets are expected to exceed liabilities at the date of authorisation (after application of valuation regulations) and how calculated.
4. * Date on which the company’s financial year will end.
5. * Name and address of the auditors of the company.
6. * Names and addresses of the company’s principal bankers.
7. § Names of the persons who will be directors, controllers or managers of the company. The appropriate particulars specified in Schedule 6 to these Regulations shall be completed for each person listed.
8. Particulars of any association which exists or which is proposed to exist between the directors or controllers of the company and any person who acts or will act as an insurance broker, agent, loss adjuster or reinsurer for the company.
9. Particulars of classes of insurance business for which the company is already authorised in the United Kingdom and which it wishes to be included in the new authorisation.
10. † The sources of business (for example, insurance brokers, agents, own employees or direct selling), and the approximate percentage expected from each source.
11. † The nature of the commitments which the company proposes to cover.
12. † A statement showing for each of the first three financial years following authorisation for each type of contract or treaty, on both optimistic and pessimistic bases and broken down between the United Kingdom, other EEA States and elsewhere—
(a)the number of contracts or treaties expected to be issued,
(b)the total premium income both gross and net of reinsurance, and
(c)the total sums assured or amounts of annuity per annum.
13. † The technical bases that the actuary who will be appointed for the purposes of section 19 of the Act proposes to employ for each class of business, including the bases needed for calculating premium rates and mathematical reserves.
14. † The guiding principles as to reinsurance including the company’s maximum retention per risk or event after all reinsurance ceded and the names of the principal reinsurers.
15. * The assets which represent or will represent the minimum guarantee fund being assets admissible under and valued in accordance with Part VIII of these Regulations.
16. † The estimated costs of installing the administrative services and organisation for securing business, and the financial resources intended to cover those costs.
17. For each of the first three financial years following authorisation—
(a)a forecast balance sheet (on both optimistic and pessimistic bases),
(b)a plan (on both optimistic and pessimistic bases) setting out detailed estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions, and
(c)estimates relating to the financial resources intended to cover underwriting liabilities and the margin of solvency.
18. The technical bases used to calculate the forecast and estimates specified in paragraph 17 above and the factors used to determine the level of the required margin of solvency assumed for the purposes of paragraph 17(c) above.
19. A statement showing the types of investments which are expected to represent the insurance funds and the estimated proportion which will be represented by each type of investment.
20. † Copies or drafts of reinsurance treaties.
21. † Copies or drafts of any standard agreements with brokers or agents.
22. † Copies or drafts of any agreements with persons (other than employees of the company) who will manage the business of the company.
23. † A certificate by the actuary who will be appointed for the purposes of section 19 of the Act that—
(a)he considers the premium rates to be suitable,
(b)he considers the financing of the company to be sufficient to cover both technical reserves and the required margin of solvency during the first three financial years following authorisation, and
(c)he agrees with the information provided under paragraphs 11, 14 and 17 above.
1. * Date of incorporation, place of incorporation and registered number.
2. * Copies of the memorandum and articles of association of the company (or their equivalent).
3. * Name and address of the auditors of the company in the United Kingdom.
4. * Names and addresses of the company’s principal bankers in the United Kingdom.
5. Names of the directors and managers of the company.
6. § Names of the persons who will be the principal United Kingdom executive, the authorised United Kingdom representative or an employee within section 8(4)(c) of the Act. The appropriate particulars specified in Schedule 6 to these Regulations shall be completed for each person listed.
7. Particulars of any association which exists or which is proposed to exist between the directors or controllers of the company and any person who acts or will act as an insurance broker, agent, loss adjuster or reinsurer for the company in the United Kingdom.
8. A statement from the supervisory authority of the EEA State in which the company has its head office stating the classes of insurance business which the company is authorised to carry on in that State, specifying the risks covered there, declaring that the company has the required margin of solvency or minimum guarantee fund and specifying the financial resources from which the costs referred to in paragraph 16 below will be met.
9. Particulars of classes of insurance business for which the company is already authorised in the United Kingdom and which it wishes to be included in the new authorisation.
10. † The sources of business in the United Kingdom (for example, insurance brokers, agents, own employees or direct selling) with the approximate percentage expected from each source.
11. † The nature of the commitments which the company proposes to cover in the United Kingdom and the general and special policy or treaty conditions which it proposes to use.
12. † A statement in respect of the United Kingdom business showing for each of the first three financial years following authorisation and for each type of contract or treaty, on both optimistic and pessimistic bases—
(a)the number of contracts or treaties expected to be issued,
(b)the total premium income both gross and net of reinsurance ceded, and
(c)the total sums assured or amounts of annuity per annum.
13. † The technical bases that the actuary who will be appointed for the purposes of section 19 of the Act proposes to employ for each class of business in the United Kingdom, including the bases needed for calculating premium rates and mathematical reserves.
14. † The guiding principles as to reinsurance of business written in the United Kingdom including the maximum retention per risk or event after all reinsurance ceded and the names of the principal reinsurers.
15. A statement showing the current margin of solvency of the company, the margin of solvency required and how both have been calculated.
16. † The estimated costs of installing the administrative services and organisation for securing business in the United Kingdom and the financial resources intended to cover those costs.
17. For each of the first three financial years following authorisation, on both optimistic and pessimistic bases—
(a)a forecast balance sheet for the proposed branch, and
(b)a plan setting out detailed estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions of the proposed branch.
18. The technical bases used to calculate the forecast and estimates specified in paragraph 17 above.
19. * Balance sheets and profit and loss accounts of the company for each of the last three financial years or, if the company has not been in business for three financial years, for each of the financial years for which it has been in business.
20. A statement showing the types of investments which are expected to represent the insurance funds in the United Kingdom and the estimated proportion which will be represented by each type of investment.
21. † Copies or drafts of any separate reinsurance treaties covering business written in the United Kingdom.
22. † Copies or drafts of any standard agreements which the company will have with brokers or agents in the United Kingdom.
23. † Copies or drafts of any agreements which the company will have with persons (other than employees of the company) who will manage the business of the proposed branch.
24. † A certificate by the actuary who will be appointed for the purposes of section 19 of the Act indicating the sums he considers it will be necessary to transfer from the company’s head office in each of the first three years after authorisation to provide adequate technical reserves in the United Kingdom and stating that—
(a)he considers that the premium rates which will be used in the United Kingdom are suitable, and
(b)he agrees with the information provided under paragraphs 11, 14 and 17 above.
1. * Date of incorporation, place of incorporation and registered number.
2. * Brief summary of the objects of the company.
3. A statement of the classes of insurance business which the company is authorised to carry on in the country in which its head office is situated.
4. The assets which represent or will represent the minimum guarantee fund in the United Kingdom being assets admissible under and valued in accordance with Part VIII of these Regulations.
5. * Name and address of the auditors of the company in the United Kingdom.
6. * Names and addresses of the company’s principal bankers in the United Kingdom.
7. § Names of the persons who will be directors, controllers or managers of the company, its principal United Kingdom executive, or its authorised United Kingdom representative. The appropriate particulars specified in Schedule 6 to these Regulations shall be completed for each person listed.
8. Particulars of any association which exists or which is proposed to exist between the directors or controllers of the company and any person who acts or will act as an insurance broker, agent or loss adjuster for the company in the United Kingdom or a reinsurer of the company.
9. Particulars of classes of insurance business for which the company is already authorised in the United Kingdom and which it wishes to be included in the new authorisation.
10. † The sources of business in the United Kingdom (for example, insurance brokers, agents, own employees or direct selling) and the approximate percentage expected from each source.
11. † The nature of the commitments which the company proposes to cover in the United Kingdom and the general and special policy or treaty conditions which it proposes to use.
12. † A statement in respect of United Kingdom business showing for each of the first three financial years following authorisation and for each type of contract or treaty, on both optimistic and pessimistic bases—
(a)the number of contracts or treaties expected to be issued,
(b)the total premium income both gross and net of reinsurance ceded, and
(c)the total sums assured or amounts of annuity per annum.
13. † The technical bases that the actuary who will be appointed for the purposes of section 19 of the Act proposes to employ for each class of business carried on in the United Kingdom including the bases needed for calculating premium rates and mathematical reserves.
14. † The guiding principles as to reinsurance of business written in the United Kingdom including the company’s maximum retention per risk or event after all reinsurance ceded and the names of the principal reinsurers.
15. A statement showing the current margin of solvency of the company (after application of valuation regulations), the margin of solvency required and how both have been calculated.
16. † The estimated costs of installing the administrative services and organisation for securing business in the United Kingdom, and the financial resources intended to cover those costs.
17. For each of the first three financial years following authorisation, on both optimistic and pessimistic bases—
(a)a forecast balance sheet for the proposed branch, and
(b)a plan setting out detailed estimates of income and expenditure in respect of direct business, reinsurance acceptances and reinsurance cessions of the proposed branch.
18. The technical bases used to calculate the forecast and estimates specified in paragraph 17 above.
19. Balance sheets and profit and loss accounts of the company for each of the last three financial years or, if the company has not been in business for three financial years, for each of the financial years for which it has been in business.
20. A statement showing the types of investments which are expected to represent the insurance funds in the United Kingdom and the estimated proportion which would be represented by each type of investment.
21. For each of the first three financial years following authorisation, the estimated world-wide premium income of the company both gross and net of reinsurance ceded and broken down between the United Kingdom, other EEA States and elsewhere.
22. A brief description of the risks the company will underwrite outside the United Kingdom.
23. A brief summary of the reinsurance arrangements for the business of the company outside the United Kingdom including the company’s maximum retention per risk or event after all reinsurance ceded and the names of the principal reinsurers.
24. Estimated capital expenditure in respect of operations outside the United Kingdom during each of the first three financial years following authorisation.
25. † Copies or drafts of any separate reinsurance treaties covering business written in the United Kingdom.
26. † Copies or drafts of any standard agreements which the company will have with brokers or agents in the United Kingdom.
27. † Copies or drafts of any agreements which the company will have with persons (other than employees of the company) who will manage the business of the proposed branch.
28. † A certificate by the actuary who will be appointed for the purposes of section 19 of the Act stating that the premium rates which will be used in the United Kingdom are suitable and that he agrees with the information provided under paragraphs 11, 14 and 17 above.
29. † A certificate by the actuary of the company stating that he considers the finances of the company are sufficient—
(a)to meet the required technical reserves for its total business on both optimistic and pessimistic bases in the first three financial years following authorisation, and
(b)to provide the required margin of solvency.
1. * Date of incorporation, place of incorporation and registered number.
2. * A brief summary of the objects of the company.
3. A statement showing the classes of insurance business which the company is authorised to carry on in the country in which its head office is situated and particulars of any limitations.
4. * Balance sheets and profit and loss accounts of the company for each of the last three financial years or, if the company has not been in business for three financial years, for each of the financial years for which it has been in business.
5. A statement showing the current margin of solvency of the company (after application of valuation regulations), the margin of solvency required and how both have been calculated.
6. * Name and address of the auditors of the company in the United Kingdom.
7. * Names and addresses of the company’s principal bankers in the United Kingdom.
8. † Names of the persons who will be directors, controllers or managers of the company, its principal United Kingdom executive or its authorised United Kingdom representative. The appropriate particulars specified in Schedule 6 to these Regulations shall be completed for each person listed.
9. Particulars of any association which exists or which is proposed to exist between the directors or controllers of the company and any person who acts or will act as the company’s insurance broker, agent or loss adjuster in the United Kingdom or a retrocessionaire of the company.
10. Particulars of classes of insurance business for which the company is already authorised in the United Kingdom and which it wishes to be included in the new authorisation.
11. * The sources of business in the United Kingdom (for example, insurance brokers or direct selling) and the approximate percentage expected from each source.
12. † The nature of the commitments which the company proposes to cover in the United Kingdom and the general and special contracts or treaties which it proposes to use.
13. † The technical bases which the actuary who will be appointed for the purposes of section 19 of the Act proposes to employ for each class of business carried on in the United Kingdom, including the bases needed for calculating premium rates and mathematical reserves.
14. † A statement in respect of the United Kingdom business showing for each of the first three financial years following authorisation and for each type of contract or treaty, on both optimistic and pessimistic bases—
(a)the number of contracts or treaties expected to be issued,
(b)the total premium income both gross and net of reinsurance, and
(c)total sums assured or amounts of annuity per annum.
15. † The guiding principles as to reinsurance of business written in the United Kingdom including the company’s maximum retention per risk or event after all retrocessions and the names of the principal retrocessionaires.
16. † The estimated costs of installing the administrative services and organisation for securing business in the United Kingdom and the financial resources intended to cover those costs.
17. A brief description of the risks underwritten by the company outside the United Kingdom.
18. A brief summary of the retrocession arrangements for the business written outside the United Kingdom including the company’s maximum retention per risk or event after all retrocessions and the names of the principal retrocessionaires.
19. For each of the first three financial years following authorisation, on both optimistic and pessimistic bases—
(a)a forecast balance sheet, and
(b)a plan setting out detailed estimates of income and expenditure in respect of business accepted and reinsurance cessions broken down between the United Kingdom, other EEA States and elsewhere.
20. The technical bases used to calculate the forecast and estimates specified in paragraph 19 above.
21. A statement of the types of investments which are expected to represent the insurance funds and the estimated proportion which will be represented by each type of investment.
22. † Copies or drafts of any separate reinsurance treaties covering business written in the United Kingdom.
23. † Copies or drafts of any agreements which the company will have with persons (other than employees of the company) who will manage the business of the proposed branch.
24. † Copies or drafts of any standard agreements which the company will have with reinsurance brokers or agents in the United Kingdom.
25. † A certificate by the actuary who will be appointed for the purposes of section 19 of the Act stating that the premium rates which will be used in the United Kingdom are suitable and that he agrees with the information provided under paragraphs 12, 15 and 19 above.
26. A certificate by the actuary of the company stating that he considers the finances of the company are sufficient—
(a)to meet the required technical reserves for its total business on both optimistic and pessimistic bases in the first three financial years following authorisation, and
(b)to provide the required margin of solvency.