Insurance Companies Act 1982 (repealed)
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Change 1
81I Provisions as to transfer of business.
(1) The Secretary of State shall not approve a transfer on an application under section 51(1) above (transfer of general business to another company in the United Kingdom) relating to policies written by way of provision of insurance in another member State unless— (a) the transferee fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the member State where the risk is situated, and (b) the supervisory authorities of that member State agree to the transfer. (2) The Secretary of State may approve a transfer on an application under section 51(1) above notwithstanding the provisions of paragraphs (a)(ii) and (b) of subsection (4) of that section (which require the transferee to be carrying on insurance business in the United Kingdom and to be authorised under section 3 or 4 above) where he is satisfied that— (a) the transfer relates to policies covering risks situated in another member State, (b) the transferee is an insurance company established in another member State and the supervisory authorities of that member State agree to the transfer, and (c) where the risk is not situated in the transferee’s member State of establishment— (i) the transferee fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the member State where the risk is situated, (ii) the law of that member State provides for the possibility of such a transfer, and (iii) the supervisory authorities of that member State agree to the transfer. (3) An instrument giving effect to any such transfer as is mentioned in subsection (1) or (2) above shall not bind a policy holder whose policy is included in the instrument unless notice of the execution of the instrument has been published, in a manner directed by the Secretary of State, in the member State in which the risk is situated.
81I Provisions as to transfer of business.
(1) The Secretary of State shall not approve a transfer on an application under section 51(1) above (transfer of general business to another company in the United Kingdom) relating to policies written by way of provision of insurance in another member State unless— (a) the transferee fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the member State where the risk is situated, and (b) the supervisory authorities of that member State agree to the transfer. (2) The Secretary of State may approve a transfer on an application under section 51(1) above notwithstanding the provisions of paragraphs (a)(ii) and (b) of subsection (4) of that section (which require the transferee to be carrying on insurance business in the United Kingdom and to be authorised under section 3 or 4 above) where he is satisfied that— (a) the transfer relates to policies covering risks situated in another member State, (b) the transferee is an insurance company established in another member State and the supervisory authorities of that member State agree to the transfer, and (c) where the risk is not situated in the transferee’s member State of establishment— (i) the transferee fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in the member State where the risk is situated, (ii) the law of that member State provides for the possibility of such a transfer, and (iii) the supervisory authorities of that member State agree to the transfer. (3) An instrument giving effect to any such transfer as is mentioned in subsection (1) or (2) above shall not bind a policy holder whose policy is included in the instrument unless notice of the execution of the instrument has been published, in a manner directed by the Secretary of State, in the member State in which the risk is situated.
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