Part II Regulation of Insurance Companies

Changes of director, controller or manager etc.

63 Change of manager etc. of company from outside United Kingdom.

(1)

In relation to F1a non-EC company whose head office is in an EFTA State orF2a Swiss general insurance company,—

(a)

section 60 above shall have effect as if the references to a managing director or chief executive were references to a principal United Kingdom executive;

(b)

section 61 above shall not apply;

(c)

section 62 above shall have effect as if references to a director or manager were references to a principal United Kingdom executive, an employee within section 8(4)(c) above or an authorised United Kingdom representative.

(2)

In relation to any other insurance company whose head office is outside the United Kingdom—

(a)

section 60 above shall have effect as if the references to a chief executive included references to a principal United Kingdom executive; and

(b)

section 62 above shall have effect as if the references to a director included references to a principal United Kingdom executive and to an authorised United Kingdom representative.

(3)

In this section—

“principal United Kingdom executive” means an officer or employee within section 8(4)(b) or 9(6) above; and

“authorised United Kingdom representative” means a representative fulfilling the requirements of section 10 above or an individual representative of the kind described in subsection (5) of that section.