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Change 1
As published
60 Approval of proposed managing director or chief executive of insurance company.
(1) No insurance company to which this Part of this Act applies shall appoint a person as managing director or chief executive of the companies unless—
(a) the company has served on the Treasury a written notice stating that it proposes to appoint that person to that position and containing such particulars as may be prescribed; and
(b) either the Treasuryhave, before the expiration of the period of three months beginning with the date of service of that notice, notified the company in writing that there is no objection to that person being appointed to that position or that period has elapsed without the Treasury having served on the company a written notice of objection.
(2) A notice served by a company under subsection (1)(a) above shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.
(3) The Treasury may serve a notice of objection under subsection (1) above on the ground—
(a) that it appears to the Treasurythat the person proposed to be appointed is not a fit and proper person to be appointed to the position in question; or
(b) where the insurance company is a UK or non-EC company, that it appears to the Treasury that, if that person were appointed, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.
(3A) Before serving such a notice the Treasuryshall serve on the company and on the person proposed to be appointed a preliminary notice stating—
(a) that the Treasuryareconsidering the service on the company of a notice of objection on that ground; and
(b) that the company or that person may, within the period of one month from the date of service of the preliminary notice, make written representations to the Treasury and, if the company or that person so requests, oral representations to an officer of the the Treasury appointed for the purpose by the Treasury.
(4) The Treasury shall not be obliged to disclose to the company or to the person proposed to be appointed any particulars of the ground on which they areconsidering the service on the company of a notice of objection.
(5) Where representations are made in accordance with this section the Treasury shall take them into consideration before serving the notice of objection.
Your change, as a redline
60 Approval of proposed managing director or chief executive of insurance company.
(1) No insurance company to which this Part of this Act applies shall appoint a person as managing director or chief executive of the companies unless—
(a) the company has served on the Treasury a written notice stating that it proposes to appoint that person to that position and containing such particulars as may be prescribed; and
(b) either the Treasuryhave, before the expiration of the period of three months beginning with the date of service of that notice, notified the company in writing that there is no objection to that person being appointed to that position or that period has elapsed without the Treasury having served on the company a written notice of objection.
(2) A notice served by a company under subsection (1)(a) above shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.
(3) The Treasury may serve a notice of objection under subsection (1) above on the ground—
(a) that it appears to the Treasurythat the person proposed to be appointed is not a fit and proper person to be appointed to the position in question; or
(b) where the insurance company is a UK or non-EC company, that it appears to the Treasury that, if that person were appointed, the criteria of sound and prudent management would not or might not continue to be fulfilled in respect of the company.
(3A) Before serving such a notice the Treasuryshall serve on the company and on the person proposed to be appointed a preliminary notice stating—
(a) that the Treasuryareconsidering the service on the company of a notice of objection on that ground; and
(b) that the company or that person may, within the period of one month from the date of service of the preliminary notice, make written representations to the Treasury and, if the company or that person so requests, oral representations to an officer of the the Treasury appointed for the purpose by the Treasury.
(4) The Treasury shall not be obliged to disclose to the company or to the person proposed to be appointed any particulars of the ground on which they areconsidering the service on the company of a notice of objection.
(5) Where representations are made in accordance with this section the Treasury shall take them into consideration before serving the notice of objection.
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