The Insurance Companies (Third Insurance Directives) Regulations 1994

1. Introductory Text

2. PART I General

   1. 1. Citation, commencement and extent

   2. 2. Interpretation

3. PART II AMENDMENTS OF 1982 ACT

   1. CHAPTER 1 RESTRICTION ON CARRYING ON INSURANCE BUSINESS

      1. Preliminary

         1. 3. Classification of long term business

         2. 4. Restriction on carrying on insurance business

      2. Applications for authorisation

         1. 5. Sound and prudent management: criteria which must be fulfilled

         2. 6. Combination of long term and general business

         3. 7. United Kingdom applicants

         4. 8. Applicants from other EEA States etc.

         5. 9. Applicants from non-EEA States etc.

      3. Withdrawal of authorisation

         1. 10. Withdrawal of authorisation in respect of new business

         2. 11. Suspension of authorisation in urgent cases

         3. 12. Final withdrawal of authorisation

   2. CHAPTER II REGULATION OF INSURANCE COMPANIES

      1. Preliminary

         1. 13. Insurance companies to which Part II applies

      2. Financial resources

         1. 14. Margins of solvency

         2. 15. Companies supervised in other EEA States

         3. 16. Form of situation of assets

         4. 17. Adequacy of assets

         5. 18. Adequacy of premiums: long term business

      3. Powers of intervention

         1. 19. Grounds on which powers of intervention are exercisable

         2. 20. Requirements about investments

         3. 21. Maintenance of assets in the United Kingdom

         4. 22. Prohibition on disposal of assets

         5. 23. General investigations

         6. 24. Power to obtain information etc.

         7. 25. Residual power to impose requirements for protection of policy holders

         8. 26. Restriction on disclosure of information

         9. 27. Privilege from disclosure

      4. Transfers of insurance business

         1. 28. Transfers of long term and general business

         2. 29. Issue of certificates by Secretary of State

         3. 30. Effect of transfers authorised in other EEA States

      5. Winding up

         1. 31. Winding up on petition by Secretary of State

      6. Changes of director, controller or manager etc.

         1. 32. Approval of proposed managing director or chief executive

         2. 33. Approval of proposed controller where section 60 does not apply

         3. 34. Approval of acquisition of notifiable holding in UK company

         4. 35. Further provisions with respect to controllers of UK companies

         5. 36. Duty to notify change of director, controller or manager

         6. 37. Change of manager etc. of company from outside United Kingdom.

      7. Miscellaneous and supplemental

         1. 38. Documents deposited in Northern Ireland

         2. 39. Offences under Part II

   3. CHAPTER III CONDUCT OF INSURANCE BUSINESS

      1. 40. Information for policy holders of UK insurers and EC companies

      2. 41. Information for policy holders of EFTA companies

      3. 42. Intermediaries in insurance business

      4. 43. Statutory notice by insurer in relation to long term policy

      5. 44. Linked long term policies and capital redemption

   4. CHAPTER IV RECOGNITION IN ACCORDANCE WITH INSURANCE DIRECTIVES

      1. 45. Recognition in the United Kingdom of EC and EFTA companies

      2. 46. Recognition in other EEA States of UK insurers

   5. CHAPTER V SPECIAL CLASSES OF INSURERS

      1. 47. Industrial assurance business

      2. 48. Lloyd’s underwriters

   6. CHAPTER VI SUPPLEMENTARY PROVISIONS

      1. 49. Applicable law

      2. 50. General interpretation

      3. 51. Interpretation of expressions derived from insurance Directives

      4. 52. Meaning of “controller” etc.

      5. 53. Meanings of “manager” and “chief executive”

      6. 54. Meaning of “main agent”

      7. 55. Meaning of “claims representative”

4. PART III Amendments of 1986 Act

   1. 56. Recognition of self-regulating organisations

   2. 57. Authorised insurers

   3. 58. Conduct of investment business

   4. 59. Powers of intervention

   5. 60. Information and auditors

   6. 61. Qualifications of designated agency

   7. 62. Prevention of restrictive practices

   8. 63. Application of 1986 Act to insurance companies

   9. 64. Insurance contracts effected in contravention of 1982 Act

   10. 65. Industrial assurance

   11. 66. Restrictions on disclosure of information

   12. 67. Functions under this Part

5. PART IV Supplemental

   1. 68. Minor and consequential amendments and saving

   2. 69. Transitional provisions: EC companies

   3. 70. Transitional provisions: UK insurers

   4. 71. Transitory provision

6. Signature

7. SCHEDULES

   1. SCHEDULE 1

      —CRITERIA OF SOUND AND PRUDENT MANAGEMENT

   2. SCHEDULE 2

      —RESTRICTION ON DISCLOSURE OF INFORMATION

   3. SCHEDULE 3

      —TRANSFERS OF INSURANCE BUSINESS

   4. SCHEDULE 4

      —FURTHER PROVISIONS WITH RESPECT TO CONTROLLERS OF UK COMPANIES

   5. SCHEDULE 5

      —INFORMATION FOR POLICY HOLDERS

   6. SCHEDULE 6

      —RECOGNITION IN THE UNITED KINGDOM OF EC AND EFTA COMPANIES

   7. SCHEDULE 7

      —RECOGNITION IN OTHER EEA STATES OF UK INSURERS

   8. SCHEDULE 8

      —MINOR AND CONSEQUENTIAL AMENDMENTS

8. Explanatory Note