Part I Restriction on Carrying on Insurance Business

Applications for authorisation

8 Applicants from other member States.

(1)

The F1Treasuryshall not issue an authorisation under section 3 above to an F2applicant to which this section appliesunless the applicant has a representative fulfilling the requirements of section 10 below.

(2)

The F1Treasury shall not issue an authorisation under section 3 above to an F2applicant to which this section applies if it appears to the F1Treasury that any relevant executive or main agent of the applicant is not a fit and proper person to hold the position held by him.

(3)

Where an F2applicant to which this section applies seeks an authorisation under section 3 above restricted to reinsurance business—

(a)

the F1Treasuryshall not issue the authorisation unless F3they areatisfied that the applicant is a body corporate entitled under the law of that State to carry on insurance business there; and

(b)

subsection (2) above shall have effect as if the reference to any relevant executive were a reference to any person who is a director, controller or manager of the applicant or a person within paragraph (a) or (b) of subsection (4) below.

F4(3A)

An applicant is one to which this section applies if—

(a)

its head office is in a member State other than the United Kingdom and it is not an EC company; or

(b)

its head office is in an EFTA State; or

(c)

its head office is in Switzerland and the authorisation sought by it is an authorisation to carry on general business which is not restricted to reinsurance business.

(4)

In this section

“relevant executive” in relation to the applicant means a person who is—

(a)

the representative referred to in subsection (1) above or the individual representative referred to in section 10(5) below;

(b)

an officer or employee of the applicant who, either alone or jointly with others, is responsible for the conduct of the whole of the insurance business carried on by the applicant in the United Kingdom, not being a person who—

(i)

is also responsible for the conduct of insurance business carried on by the applicant elsewhere, and

(ii)

has a subordinate who is responsible for the whole of the insurance business carried on by the applicant in the United Kingdom; or

(c)

an employee of the applicant who, under the immediate authority of a director or of an officer or employee within paragraph (b) above,—

(i)

exercises managerial functions, or

(ii)

is responsible for maintaining accounts or other records of the applicant, not being a person whose functions relate exclusively to business conducted from a place of business outside the United Kingdom;

and

F5“Controller”

“manager”

“main agent have” have the same meaning as section 7 above .