Insurance Companies Act 1982: Issue and withdrawal of authorisation
21/10/1999
A report on the issuance and withdrawal of authorisations under the Insurance Companies Act 1982 for the period 1 July 1999 to 30 September 1999 has been published today by the Financial Services Authority.
The report for the period shows that under the Act:
three companies were authorised to carry on business in the UK under Section 3 of the Act (Table A);
the power under Section 11 of the Act to withdraw authorisation to effect new contracts was not used (Table B);
final withdrawal of authorisation under Section 13 of the Act was issued in respect of eight companies (Table C).
In addition:
Table D1 shows 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 UK and it indicates the nature of the risks which they may cover;
Table D2 lists 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 UK (i.e. to cover risks here from an establishment in another EEA state rather than through a local branch or agency);
Table E1 shows that the supervisory authorities of five EC member states were notified of three UK companies, which had notified the UK supervisory authority of its intention to begin to carry on business through a branch in that Member State; and
Table E2 lists the UK companies which notified their intention to begin to provide insurance in other EEA states.
Notes for editors
The classes of business for which a company may be authorised are set out in Schedules1 and 2 of the Insurance Companies Act 1982.
This information supplements that published in the Insurance Annual Report 1998, available from The Stationery Office (formerly HMSO).
Authorised insurance companies which have their head office in the European Economic Area (EEA) may become entitled to insure risks in the UK either through a branch or by the provision of cross border services in the UK without needing to obtain authorisation here. Similarly, companies with their head office in the UK may become entitled to carry on business in other EEA states through a branch or provide cross border services in other Member States.
The Third EC Directive on Non-Life Insurance (92/49/EEC) and the Third EC Directive on Life Assurance (92/96/EEC) were implemented in the UK by the Insurance Companies (Third Insurance Directives) Regulations 1994, the Insurance Companies Regulations 1994 and the Insurance Companies (Accounts and Statements) (Amendment) Regulations 1994.
Regulations 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.
Schedule 2F contains the regime to be complied with where an EEA company wishes to carry on business through a branch in the United Kingdom, or where an EEA company wishes to provide insurance in the UK under the freedom of services. Before the company concerned can begin to cover risks in the UK, the UK supervisory authority must be notified and supplied with specified information and confirmation of the solvency of the company.
Schedule 2G contains the regime to be complied with before a UK company can begin to carry on business through a branch in another EEA State or to provide insurance under the freedom of services in another EEA State. This regime includes a requirement that the company must notify the UK supervisory authority of its intentions and provide them with specified information.
With effect from 1 January 1999 the Financial Services Authority has been authorised to exercise functions of the Treasury under insurance legislation pursuant to the Contracting Out (Functions in Relation to Insurance) Order 1998.
Appended information
Authorisations to carry on Insurance Business in the UK issued under Section 3 of the Insurance Companies Act 1982 from 1 July 1999 to 30 September 1999
| Company | Country of incorporation if outside the UK | Classes of business for which authorisation was issued | Classes of business for which authorisation was previously held | Date of authorisation |
| National Provident Life Limited | I, III, IV | Nil | 27.9.99 | |
| NPI Limited | I, III, IV | Nil | 27.9.99 | |
| St Andrew’s Life Assurance PLC | I, III, IV | I, IV | 7.7.99 | |
TABLE B
Authorisations to effect new contracts of insurance withdrawn under Section 11 of the Insurance Companies Act 1982 from 1 July 1999 to 30 September 1999
| Company | Country of Incorporation if outside the UK | Classes of business for which authorisation to effect new contracts of insurance was withdrawn | Classes of business for which company remains authorised | Date of withdrawal |
| NOT USED | ||||
TABLE C
Authorisations to carry on insurance business in the UK finally withdrawn under Section 13 of the Insurance Companies Act 1982 from 1 July 1999 to September 1999
| Company | Country of Incorporation if outside the UK | Classes of business for which authorisation was withdrawn | Classes of business for which company remains authorised | Date of withdrawal |
| Chain Insurance Company Limited | 1, 3, 7-10, 13, 14, 16 | Nil | 28.9.99 | |
| First National Assurance Limited | I | Nil | 9.9.99 | |
| HIR (UK) Limited | 1-17 | Nil | 3.8.99 | |
| London Area Mobile Physiotherapy Service Limited | 14, 15, 17 | 1, 2, 16 | 2.9.99 |
|
| Mutual of Omaha UK Limited | 1, 2, 5-9, 11-17 | Nil | 7.9.99 | |
| Pegasus Assurance Limited | I, III, IV | Nil | 23.8.99 | |
| TSB Life Limited | I-IV, VI, VII | Nil | 30.7.99 | |
| TSB Pensions Limited | I, III, IV, VII | Nil | 30.7.99 |
TABLE D1
Companies established in other EEA member states which have become entitled to carry on through a branch in the UK under Part IIIa of the Insurance Companies Act 1982 between 1 July 1999 and 30 September 1999
| Company | Country of incorporation | Classes of business the company proposes to write in the UK * and ** | Date on which notification received |
| Nationale-Nederlanden Levensverzekering Maatschappij N.V. | Netherlands | I, III, VII | 27.8.99 |
| Zurich Eurolife SA | Luxembourg | I, II | 31.5.99 |
* ‘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 I of Schedule 2 to the Act. Only part of this 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 in the UK from an establishment in another EEA state Part IIIa of the Insurance Companies Act 1982 between 1 July 1999 and 30 September 1999
| Company | Country of incorporation | Country in which establishment covering the risks is situated | Nature of the risks the company has become entitled to cover Large* or other** classes |
Date on which entitlement commenced |
| Allianz Nederland N.V. has transferred its business to Royal Nederland Schadeverzekering N.V. | ||||
| Ancora Versicherungs-Aktiengesellschaft | Germany | Germany | 6-9, 16 | 22.9.99 |
| AXA Assurances Vie Luxembourg S.A. has changed name to AXA Assurances Vie Luxembourg 1.1.99 | ||||
| AXA Collectives | France | France | 1, 2 I, III, VI-VIII |
23.9.99 |
| Crosskeys Limited has ceased to write services business 14.9.99 | ||||
| Forsakringsaktiebolaget Vattenfall Insurance | Sweden | Sweden | 3, 7-9, 13-16 | 30.6.99 |
| Generali France Assurances | France | France | 1, 2, 5-9, 11-13, 15, 16 | 8.9.99 |
| Tryg-Baltica Forsikring, skadesforsikringsselskab A/S has transferred its business to Tryg-Baltica Forsikring, skadesforsikringsselskab II A/S which has changed name to the same as the transferring company | ||||
| White Horse Insurance Ireland Limited | Ireland | Ireland | 1-3, 6-9, 13, 14, 16, 17 | 29.9.99 |
*‘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 I 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 the UK supervisory authority of its intention to begin to carry on business through branches in other EC member states under Part IIIa of the Insurance Companies Act 1982 between 1 July 1999 and 30 September 1999
| Company | Country of proposed branch | Classes of business company intends to write from the branch * and ** | Date on which supervisory authority of the country of the branch was notified by the UK supervisory authority |
| The Chiyoda Fire and Marine Insurance Company (Europe) Limited | Germany | 2, 3, 12, 14-17 | 20.9.99 |
| Hiscox Insurance Company Limited | France Netherlands Germany |
1-3, 5-9, 11-13, 16, 18
1-3, 5-9, 11-13, 16, 18 1-3, 5-9, 11-13, 16, 18 |
6.8.99 6.8.99 6.8.99 |
| Trenwick International Limited | Belgium Finland Irish Republic |
8, 9, 13, 16 6, 8, 9, 16 13 |
13.9.99 9.8.99 17.9.99 |
*‘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 I of Schedule 2 to the Act. Only part of the class may be within the definition ‘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 E2
Companies authorised to carry on business in the UK which have notified the UK supervisory authority of their intention to begin to provide insurance in other EEA states under Part IIIa of the Insurance Companies Act 1982 between 1 July 1999 and 30 September 1999.
| Company | Country of Incorporation | Country in which establishment covering the risks is situated | Country in which it is proposed to provide insurance | Nature of the risks the company has become entitled to cover Large* or other** classes |
| AXA Insurance UK plc | UK | UK | Irish Republic | 1, 2, 17 |
| British Marine Mutual Hull Insurance Association Limited | UK | UK | Iceland Luxembourg Portugal Spain |
1, 4, 6, 7, 12, 15 1, 4, 6, 7, 12, 15 1, 4, 6, 7, 12, 15 1, 4, 6, 7, 12, 15 |
| British Marine Mutual P&I Insurance Association Limited | UK | UK | Iceland Luxembourg |
1, 4-7, 12, 15 1, 4-7, 12, 15 |
| Ecclesiastical Insurance Office Public Limited Company | UK | UK | Belgium France Germany |
1, 7-9, 13, 16 1, 7-9, 13, 16 1, 7-9, 13, 16 |
| European Nichido Insurance Company Limited | UK | UK | France Germany Netherlands Spain |
1, 2, 7-9, 13, 16, 17 1, 2, 8, 9, 13, 16, 17 1, 2, 7-9, 13, 16, 17 1, 2, 7-9, 13, 16, 17 |
| Great Lakes Reinsurance (UK) PLC | UK | UK | Finland Greece Irish Republic Spain |
1-9, 11-18 1-7, 11-15, 17, 18 1-4, 7, 17, 18 1-9, 11-15, 17, 18 |
| National Provident Life Limited | UK | UK | Belgium France Liechtenstein |
I, III, IV I, III, IV I, III, IV |
| Sun Life Assurance Company of Canada (UK) Limited | UK | UK | Belgium Denmark France Germany Gibraltar Greece Irish Republic Italy Norway Spain |
I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII I-IV, VI, VII |
*‘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 I 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.