The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001

Notices under the Insurance Companies Act U.K.

17.—(1) Where, before commencement—

(a) the Treasury have served a notice under section 12(1) of the Insurance Companies Act that they are considering giving a direction under section 11(1) of that Act;

(b) no direction has been given in respect of that notice,

the notice has effect after commencement as if it stated that the Authority proposes to impose a requirement that the company refrain from carrying on the regulated activity of effecting contracts of insurance, or contracts of any description specified in the notice.

(2) Where, before commencement—

(a) the Treasury have served a written notice giving a direction under section 12A(3) of the Insurance Companies Act(1);

(b) the Treasury have not confirmed the direction pursuant to section 12A(6) of that Act,

the notice has effect after commencement as if it stated that the Authority proposes to impose a requirement that the company refrain immediately from carrying on the regulated activity of effecting contracts of insurance, or contracts of any description specified in the notice (except to the extent allowed by section 12A(2)(a) of the Insurance Companies Act).

(3) Where—

(a) before commencement the Treasury have served a notice under section 46(2) of the Insurance Companies Act;

(b) the Treasury have not, following the service of that notice, exercised any power or powers conferred by sections 38 to 45 of that Act in the manner proposed in the notice;

(c) the company on which the notice was served is, immediately after commencement, an authorised person,

the notice has effect after commencement as if it stated that the Authority proposes to impose a requirement to the effect described in the notice.

Commencement Information

I1 Art. 17 in force at 1.12.2001, see art. 1(2)

(1)

Section 12A was inserted by the 3ID Regulations and has been amended by S.I. 1997/2781.