Source: http://www.legislation.gov.uk/ukpga/2000/8/schedule/6/2004-04-01
Timestamp: 2019-07-24 03:31:33
Document Index: 549869369

Matched Legal Cases: ['art. 2', 'art. 8', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

Version Superseded: 31/10/2004
19/01/2003- Amendment
Part IU.K. Part IV Permission
Legal statusU.K.
1(1)If the regulated activity concerned is the effecting or carrying out of contracts of insurance the authorised person must be a body corporate [F1(other than a limited liability partnership)], a registered friendly society or a member of Lloyd’s.U.K.
(2)If the person concerned appears to the Authority to be seeking to carry on, or to be carrying on, a regulated activity constituting accepting deposits [F2or issuing electronic money] , it must be—
(b)a partnership.
F1Words in Sch. 6 para. 1(1) inserted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 2; S.I. 2001/2632, art. 2(2), Sch. Pt. 2
F2Words in Sch. 6 para. 1(2) inserted (11.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), art. 8
2(1)If the person concerned is a body corporate constituted under the law of any part of the United Kingdom—
(2)If the person concerned has its head office in the United Kingdom but is not a body corporate, it must carry on business in the United Kingdom.
Appointment of claims representativesU.K.
[F3[F32A(1)If it appears to the Authority that—
(2)For the purposes of sub-paragraph (1)(b), contracts of reinsurance are to be disregarded.
(3)A claims representative is a person with responsibility for handling and settling claims arising from accidents of the kind mentioned in Article 1(2) of the fourth motor insurance directive.
(4)In this paragraph “fourth motor insurance directive” means Directive 2000/26/EC of the European Parliament and of the Council of 16th May 2000 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles and amending Council Directives 73/239/EEC and 88/357/EEC.]]
F3Sch. 6 para. 2A inserted (19.1.2003) by The Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2002 (S.I. 2002/2707), art. 2
Close linksU.K.
3(1)If the person concerned (“A”) has close links with another person (“CL”) the Authority must be satisfied—U.K.
(a)that those links are not likely to prevent the Authority’s effective supervision of A; and
(b)if it appears to the Authority that CL is subject to the laws, regulations or administrative provisions of a territory which is not an EEA State (“the foreign provisions”), that neither the foreign provisions, nor any deficiency in their enforcement, would prevent the Authority’s effective supervision of A.
(a)CL is a parent undertaking of A;
(b)CL is a subsidiary undertaking of A;
(c)CL is a parent undertaking of a subsidiary undertaking of A;
(d)CL is a subsidiary undertaking of a parent undertaking of A;
(e)CL owns or controls 20% or more of the voting rights or capital of A; or
(3)“Subsidiary undertaking” includes all the instances mentioned in Article 1(1) and (2) of the Seventh Company Law Directive in which an entity may be a subsidiary of an undertaking.
C2Sch. 6 para. 3 restricted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(3); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
Adequate resourcesU.K.
4(1)The resources of the person concerned must, in the opinion of the Authority, be adequate in relation to the regulated activities that he seeks to carry on, or carries on.U.K.
(2)In reaching that opinion, the Authority may—
(a)take into account the person’s membership of a group and any effect which that membership may have; and
(i)the provision he makes and, if he is a member of a group, which other members of the group make in respect of liabilities (including contingent and future liabilities); and
(ii)the means by which he manages and, if he is a member of a group, which other members of the group manage the incidence of risk in connection with his business.
C3Sch. 6 para. 4 restricted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(3); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
5The person concerned must satisfy the Authority that he is a fit and proper person having regard to all the circumstances, including—
(a)his connection with any person;
(b)the nature of any regulated activity that he carries on or seeks to carry on; and
(c)the need to ensure that his affairs are conducted soundly and prudently.
C4Sch. 6 para. 5 restricted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(3); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
Part IIU.K. Authorisation
Authorisation under Schedule 3U.K.
6In relation to an EEA firm qualifying for authorisation under Schedule 3, the conditions set out in paragraphs 1 and 3 to 5 apply, so far as relevant, to—
(a)an application for permission under Part IV;
(b)exercise of the Authority’s own-initiative power under section 45 in relation to a Part IV permission.
Authorisation under Schedule 4U.K.
7In relation to a person who qualifies for authorisation under Schedule 4, the conditions set out in paragraphs 1 and 3 to 5 apply, so far as relevant, to—
(a)an application for an additional permission;
(b)the exercise of the Authority’s own-initiative power under section 45 in relation to additional permission.
Part IIIU.K. Additional Conditions
8(1)If this paragraph applies to the person concerned, he must, for the purposes of such provisions of this Act as may be specified, satisfy specified additional conditions.U.K.
(2)This paragraph applies to a person who—
(a)has his head office outside the EEA; and
(b)appears to the Authority to be seeking to carry on a regulated activity relating to insurance business.
(3)“Specified” means specified in, or in accordance with, an order made by the Treasury.
I1Sch. 6 Pt. III para. 8 wholly in force at 3.9.2001; Sch. 6 Pt. III para. 8 not in force at Royal Assent see s. 431(2); Sch. 6 Pt. III para. 8 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; Sch. 6 Pt. III para. 8 in force in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2
9The Treasury may by order—
(a)vary or remove any of the conditions set out in Parts I and II;
(b)add to those conditions.
I2Sch. 6 Pt. III para. 9 wholly in force at 3.9.2001; Sch. 6 Pt. III para. 9 not in force at Royal Assent see s. 431(2); Sch. 6 Pt. III para. 9 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; Sch. 6 Pt. III para. 9 in force in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2