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63/98

24 April 1998

INSURANCE COMPANIES ACT 1982: ISSUE AND WITHDRAWAL OF AUTHORISATION

DURING THE PERIOD 1 JANUARY 1998 TO 31 MARCH 1998

A report on the issuance and withdrawal of authorisations under the Insurance Companies Act 1982 for the period during 1 January to 31 March 1998 was published today by the Treasury.

The report for the period shows that under the Act:

• two companies were authorised to carry on business in the United Kingdom (Table A);
• the power, under Section 11 of the Act, was not used (Table B);
• final withdrawal of authorisation under Section 13 was issued in respect of six companies (Table C);
• the companies which have their head office in other EC member states and have become entitled to carry on business through a branch in the United Kingdom and it indicates the nature of the risks which they cover (Table D1);
• the companies which have their head office in another state of the European Economic Area (EEA) and which have become entitled to provide life or non-life insurance in the United Kingdom (i.e. to cover risks here from an establishment in another EEA state rather than through a local branch or agency) (Table D2);
• the supervisory authorities of three EC member states were notified of three UK companies, which had notified the Insurance Directorate of their intention to begin to carry on business through a branch in that member state (Table E1); and
• the UK companies which had notified their intention to begin to provide insurance in other EEA states (Table E2).

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NOTES TO EDITORS

1. The classes of business for which a company may be authorised are set out in Schedule 1 and 2 of the Insurance Companies Act 1982.

2. The information supplements that published in the Insurance Annual Report, available from The Stationery Office (formerly HMSO).

3. Authorised insurance companies which have their head office in the European Community may become entitled to carry on business in the UK through a branch or 'provide insurance' in the UK - i.e. to insure risks in the UK without needing to obtain authorisation here. Similarly, such companies established in the UK may become entitled to carry on business in other EC states through a branch or 'provide insurance' in other member states.

4. The Third EC Directive on Non-Life Insurance (92/49/EEC) and the Third EC Directive on Life Assurance (92/96EEC) were implemented in the United Kingdom by the Insurance Companies (Third Insurance Directives) Regulations 1994, the Insurance Companies Regulations 1994 and the Insurance Companies (Accounts and Statements)(Amendment) Regulations 1994.

5. Regulation 45 and 46 of the Insurance Companies (Third Insurance Directives) Regulations 1994 amend Part IIIA of the Insurance Companies Act 1982 and insert two new Schedules (Schedules 2F and 2G) into the Act.

6. Schedule 2F contains the regime to be complied with where an EC company wishes to carry on business through a branch in the United Kingdom, or where an EC or EFTA company wishes to provide insurance in the United Kingdom under the freedom of service. Before the company concerned can begin to cover risks in the United Kingdom, HM Treasury must be notified and supplied with specified information and confirmation of the solvency of the company.

7. Schedule 2G contains the regime to be complied with before a United Kingdom company can begin to carry on business through a branch in another member state or to provide insurance under the freedom of services in another member state or in an EFTA state. This regime includes a requirement that the company must notify HM Treasury of its intentions and provide them with specified information.

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TABLE A

Authorisations to carry on Insurance business in the UK issued under Section 3 of the Insurance Companies Act 1982 from 1 January 1998 to 31 March 1998

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TABLE B

Authorisations to effect new contracts of insurance withdrawn under Section 11 of the Insurance Companies Act 1982 from 1 January 1998 to 31 March 1998

TABLE C

Authorisations to carry on Insurance business in the UK finally withdrawn under section 13 of the Insurance Companies Act 1982 from 1 January 1998 to 31 March 1998

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Company established in another EC member state which has become entitled to carry on business through a branch in the United Kingdom under Part IIIa of the Insurance Companies Act 1982 between 1 January 1998 and 31 March 1998.

PLEASE NOTE:- the branch of Inter Forsikring A/S has closed.

* Numbered classes are classes of general business as classified in Part 1 of Schedule 2 to the Act. Only part of the class may be within the definition of 'Large' or 'other' risks (see note *above), as the case may be. 'All' means risks of all classes and parts of classes falling within the definition of 'Large' or 'other' risks, as the case may be.

TABLE D2

Companies established in other EEA states which have become entitled to provide life or non-life insurance in the UK from an establishment in another EEA state under Part IIIa of the Insurance Companies Act 1982 between 1 January 1998 and 31 March 1998

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PLEASE NOTE:- N.V. Verzekering Maatschappij Reisbelangen Nederlanden has changed name to Elvia Travel Insurance International N.V. and Vakuutusosakeyhtio Tulenvara has changed name to Spruce Vakuutus OY.

* 'Large' risks are as defined in Section 96B of the Insurance Companies Act 1982, and 'other' risks (the so-called 'mass' risks) are all risks falling within Schedule 2 of the Act (general business) other than 'Large' risks. This is subject in each case to the exclusion of risks to which Part IIIA of the act (provision of insurance) does not apply (see Section 81A).

** Numbered classes are classes of general business as classified in Part 1 of Schedule 2 to the Act. Only part of the class may be within the definition of 'Large' or 'other' risks (see note *above), as the case may be. 'All' means risks of all classes and parts of classes falling within the definition of 'Large' or 'other' risks, as the case may be.

TABLE E1

Companies authorised to carry on business in the UK which have notified HM Treasury of their intention to begin to carry on business through a branch in another EC member state under Part IIIa of the Insurance Companies Act 1982 between 1 January 1998 and 31 March 1998.

* Numbered classes are classes of general business as classified in Part 1 of Schedule 2 to the Act. Only part of the class may be within the definition of 'Large' or 'other' risks (see note *above), as the case may be. 'All' means risks of all classes and parts of classes falling within the definition of 'Large' or 'other' risks, as the case may be.

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TABLE E2

Companies authorised to carry on business in the United Kingdom which have notified HM Treasury of their intention to begin to provide insurance in other EEA states under Part IIIa of the Insurance Companies Act 1982 between 1 January 1998 to 31 March 1998

* 'Large' risks are as defined in Section 96B of the Insurance Companies Act 1982, and 'other' risks (the so-called 'mass' risks) are all risks falling within Schedule 2 of the Act (general business) other than 'Large' risks. This is subject in each case to the exclusion of risks to which Part IIIA of the act (provision of insurance) does not apply (see Section 81A).

** Numbered classes are classes of general business as classified in Part 1 of Schedule 2 to the Act. Only part of the class may be within the definition of 'Large' or 'other' risks (see note *above), as the case may be. 'All' means risks of all classes and parts of classes falling within the definition of 'Large' or 'other' risks, as the case may be.

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Press Notices 1998 January to June Index