HM Treasury News Release
133/98
INSURANCE COMPANIES ACT 1982: ISSUE AND WITHDRAWAL OF AUTHORISATION
DURING THE PERIOD 1 APRIL 1998 TO 30 JUNE 1998
Nine companies were authorised to carry on business in the United
Kingdom under Section 3 of the Insurance Companies Act 1982 during
the period 1 April to 30 June 1998. These are listed at table A.
The power under Section 11 of the Act to withdraw authorisation to
effect new contracts of insurance was used for two companies. These
are shown at table B. Final withdrawal of authorisation under
Section 13 was issued in respect of five companies during the period.
These are listed at Table C.
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.
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 United Kingdom 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 United Kingdom (i.e. to cover risks here from an
establishment in another EEA state rather than through a local branch
or agency).
During the period 1 April 1998 to 30 June 1998 the supervisory
authorities of two EC member states were notified of two UK
companies, which had notified the Directorate of their intention to
begin to carry on business through a branch in that member State.
These are shown at table E1. Table E2 lists the United Kingdom
companies which notified their intention to begin to provide
insurance in other EEA states.
NOTES FOR 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. This information supplements that published in the Insurance
Annual Report 1996, available from The Stationery Office (formerly
HMSO).
3. 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.
4. 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.
5. 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 services. 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.
6. 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.
# = pounds sterling
TABLE A
Authorisations to carry on Insurance business in the UK issued under Section 3 of the Insurance Companies Act 1982 from 1 April 1998 to 30 June 1998
Company Country of Incorporation Classes of business Classes of business for Date of authorisation if outside the UK for which authori- which authorisation was
sation was issued previously held
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
Bankers Life 1, 2 Nil 5.5.98
Assurance Company I
Limited
Domestic & General I, III, IV I, III 29.5.98
Life Assurance
Company Limited
EULER International 7, 9, 13-17 Nil 18.6.98
Limited
Fidelity Investments I, III, IV Nil 6.4.98
Life Company Limited
PDFM Life Limited I, III Nil 3.4.98
Sterling Assurance I, III, IV Nil 3.4.98
PLC
Stonebridge International 1, 2 Nil 23.6.98
Insurance Ltd.
Tesco Personal Finance III, IV Nil 1.5.98
Life Limited
Winterthur International 1-18 1-17 23.6.98
Insurance Company
Limited
TABLE B
Authorisations to effect new contracts of insurance withdrawn under Section 11 of the Insurance Companies Act 1982 from 1 April 1998 to 30 June 1998
Company Country of Incorporation Classes of business Classes of business for Date of withdrawal
if outside the UK for which authori- which company remains
sation to effect new authorised contracts of insurance was withdrawn
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Consolidated Marine 1-4, 8-10, 13-17 Nil 29.5.98
& General Insurance
Company Limited
The Royal London 1-17 I-IV, VI, VII 8.4.98
Mutual Insurance
Society Limited
TABLE C
Authorisations to carry on Insurance business in the UK finally withdrawn under section 13 of the Insurance Companies Act 1982 from 1 April 1998 to 30 June 1998
Company Country of Incorporation Classes of business Classes of business for Date of withdrawal
if outside the UK for which authori- company remains authorised
sation was withdrawn
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
AMP Life Limited Australia I-IV, VI, VII Nil 22.4.98
General Accident UK I-IV, VI, VII Nil 19.6.98
Pensions Management
Limited
The Nippon Fire and Japan 6, 7, 12 Nil 11.5.98
Marine Insurance
Company Limited
The Norwich Union UK I-IV, VI, VII Nil 24.6.98
Life Insurance
Company Limited
Scottish Amicable UK I-IV, VI, VII Nil 22.6.98
Life Assurance
Society
TABLE D1
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 April 1998 and 30 June 1998
Company Country of incorporation Classes of business Date on which the company proposes to notification received
write in the UK*
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
A/S Det Kjobenhavnske Denmark 1-9, 11-16 29.4.98
Reassurance-Compagni
Gerling-Konzern Allgemeine Germany 10 (already classes 1, 3-9, 11-13, 16) 23.4.98
Versicherungs-Aktiengesellschaft
* 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 April 1998 and 30 June 1998
Company Country of Incorporation Country in which Nature of the risks the Date on which
establishment company has become entitlement covering the risks entitled to cover commenced
is situated
Large* or other**
classes
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Aegon Schadeverz- Netherlands Netherlands 7-9 4.6.98
ekering N.V.
AGF Union-Fenix Spain Spain 4-9, 11-13, 16 22.5.98
Seguros Y Reaseguros
S.A.
ALBINGIA Versich- Germany Germany 3-9, 12, 16 15.4.98
erungs-Aktiengesells-
chaft
Allianz Versicherungs- Germany Germany 3, 10b, 18 4.3.98
Aktiengesellschaft
Alreford Limited Ireland Ireland 8, 9, 16 25.6.98
Arisa Assurances Luxembourg Luxembourg 16 26.3.98
Assurances Generales France Italy 1-9, 11, 13, 16, 17 12.6.98
de France IART
AXA Global Risks France Italy 1-9, 11-18 6.4.98
BAWAG-Versicher- Austria Austria 1 24.3.98
ung Aktiengesellschaft I, II
Bayerische Versiche- Germany Germany 3, 10b, 18 4.3.98
rungsbank-Aktienges-
ellschaft
Euro-Aviation Versi- Germany Germany 1, 5, 11 25.3.98
cherungs-Aktiengese-
llschaft
Frankfurter Versich- Germany Germany 3, 10b, 18 4.3.98
erungs-Aktiengesell-
schaft
Istituto Nazionale Italy Italy I-IV, VI, VII 28.4.98
delle Assicurazioni
S.p.A.
Mapfre Industrial, Spain Spain 13 26.2.98
Sociedad Anonima
de Seguros
Maritime Insurance UK France 4, 6, 7, 10b, 12, 15 9.6.98
Company Limited
Nordstern Allgemeine Germany Germany 1, 8, 9, 13, 16 29.4.98
Versicherungs-Aktien-
gesellschaft
Nordstern-Colonia Austria Austria 1, 3, 5-9, 11-13, 16, 17 11.3.98
Versicherungs-Aktien- I, II
gesellschaft
Societe mutuelle des Belgium Belgium 16 18.6.98
administrations publi-
ques pour l’assurance
contre l’incendie, la
foudre et les explosions
Please note:- both Friuli-Venezia Giulia Assicurazioni “La Carnica” S.p.A. and Sampo Insurance Company Limited have ceased to provide insurance in the UK.
* '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 April 1998 and 30 June 1998.
Company Country of proposed Classes of business Date on which supervisory branch company intends to authority of the country write from the branch* of the branch was notified by the Secretary of State
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Trenwick International Limited France 1, 2, 5-9, 11-16 15.6.98
Unum Limited Netherlands 1, 2 12.5.98
I, IV
* 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 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 April 1998 to 30 June 1998
Company Country of Country in which Country in Nature of the risks the
Incorporation establishment which it is company has become covering the risks proposed to entitled to cover is situated provide
insurance Large* or other** classes
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
General Accident Life UK UK (Austria I, III, VII
Assurance Limited (Denmark I, III, VII
(Portugal I, III, VII
(Greece I, III, IV, VII
(Norway I, III, IV, VII
(Iceland I, III, IV, VII
(Gibraltar I, III, IV
General Accident UK UK (Austria I, III, VII
Linked Life (Denmark I, III, VII
Assurance Limited (Portugal I, III, VII
(Greece I, III, IV, VII
(Norway I, III, IV, VII
(Iceland I, III, IV, VII
(Gibraltar I, III, IV
Hiscox Insurance UK UK (Sweden 7-9, 13
Company Limited (Portugal 7-9, 13
HSB Engineering UK UK (Austria 3, 4, 6-9, 13, 16, 17
Insurance Limited (Finland 3, 4, 6-9, 13, 16, 17
(Gibraltar 3, 4, 6-9, 13, 16, 17
(Iceland 3, 4, 6-9, 13, 16, 17
(Liechtenstein 3, 4, 6-9, 13, 16, 17
(Norway 3, 4, 6-9, 13, 16, 17
(Sweden 3, 4, 6-9, 13, 16, 17
Independent Insurance UK UK (Germany 1, 2, 6-9, 12, 13, 16, 17
Company Limited (Greece 1, 2, 6-9, 12, 13, 16, 17
(Italy 1, 2, 6-9, 12, 13, 16, 17
(Portugal 1, 2, 6-9, 12, 13, 16, 17
Motors Insurance UK UK Italy 3
Company Limited
Royal Heritage Life UK UK (Austria I-IV, VI, VII
Assurance Limited (Belgium I-IV, VI, VII
(Denmark I-IV, VI, VII
(Finland I-IV, VI, VII
(France I-IV, VI, VII
(Germany I-IV, VI, VII
(Gibraltar I-IV, VI, VII
(Greece I-IV, VI, VII
(Iceland I-IV, VI, VII
(Ireland I-IV, VI, VII
(Italy I-IV, VI, VII
(Liechtenstein I-IV, VI, VII
(Luxembourg I-IV, VI, VII
(Netherlands I-IV, VI, VII
(Norway I-IV, VI, VII
(Portugal I-IV, VI, VII
(Spain I-IV, VI, VII
(Sweden I-IV, VI, VII
Royal Life UK UK (Austria I-IV, VI, VII
Insurance Limited (Belgium I-IV, VI, VII
(Denmark I-IV, VI, VII
(Finland I-IV, VI, VII
(France I-IV, VI, VII
(Germany I-IV, VI, VII
(Gibraltar I-IV, VI, VII
(Greece I-IV, VI, VII
(Iceland I-IV, VI, VII
(Ireland I-IV, VI, VII
(Italy I-IV, VI, VII
(Liechtenstein I-IV, VI, VII
(Luxembourg I-IV, VI, VII
(Netherlands I-IV, VI, VII
(Norway I-IV, VI, VII
(Portugal I-IV, VI, VII
(Spain I-IV, VI, VII
(Sweden I-IV, VI, VII
Tobacco Insurance UK UK (Belgium 4, 6-9, 12, 13, 16
Company Limited (Denmark 4, 6-9, 12, 13, 16
(Finland 4, 6-9, 12, 13, 16
(Germany 4, 6-9, 12, 13, 16
(Netherlands 4, 6-9, 12, 13, 16
(Portugal 4, 6-9, 12, 13, 16
(Spain 4, 6-9, 12, 13, 16
* '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.