HM Treasury News Release
174/98 23 October 1998
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INSURANCE COMPANIES ACT 1982: ISSUE AND WITHDRAWAL OF
AUTHORISATION
A report on the issuance and withdrawal of authorisations under the Insurance
Companies Act 1982 for the period 1 July to 30 September 1998 has been
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 UK under Section
3 of the Act (Table A);
two companies had authorisation withdrawn to effect new contracts under
Section 11 of the Act (Table B);
final withdrawal of authorisation under Section 13 was issued in respect of
eight companies (Table C);
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 on 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);
the supervisory authorities of eight EC member states were notified of two UK
companies, which had notified the Insurance Directorate of their 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 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. This information supplements that published in the Insurance Annual Report
1997, 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 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.
5. 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.
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 UK under
the freedom of services. Before the company concerned can begin to cover
risks in the UK, 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 UK 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.
8. If you have access to the Internet, you can find this news release and other
Treasury information at http://www.hm-treasury.gov.uk
# = pounds sterling
INSURANCE COMPANIES ACT 1982: ISSUE AND WITHDRAWAL OF
AUTHORISATION DURING THE PERIOD 1 JULY 1998 TO 30 SEPTEMBER 1998
Two companies were authorised to carry on business in the United
Kingdom under Section 3 of the Insurance Companies Act 1982 during
the period 1 July to 30 September 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 eight 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 July 1998 to 30 September 1998 the supervisory
authorities of eight 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 1997, 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.
TABLE A
Authorisations to carry on Insurance business in the UK issued under Section 3 of the Insurance Companies Act 1982 from 1 July 1998 to 30 September 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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
Morgan Grenfell Life I, III Nil 2.7.98
& Pensions Limited
Perpetual Investments I, III, IV, VII Nil 18.9.98
Limited
N.B. Tesco Personal Finance Life Limited which was authorised on 1.5.98 has had its authorisation amended to classes I, III and IV (previously III and IV).
TABLE B
Authorisations to effect new contracts of insurance withdrawn under Section 11 of the Insurance Companies Act 1982 from 1 July 1998 to 30 September 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
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
The Prudential Assu- 4-6, 11, 12 1-3, 7-10, 13-17 15.9.98
rance Company Limited I-IV, VI, VII
United Friendly General 1-4, 8-10, 13-17 Nil 18.9.98
Insurance 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 July 1998 to 30 September 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 was withdrawn authorised
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Black Sea and Baltic I-IV, VI, VII 1-17 27.7.98
General Insurance
Company Limited
Employers Reinsurance 1-18 Nil 29.7.98
International Limited
Iron Trades Employers 1, 2, 13 Nil 18.8.98
Insurance Association
Ltd
Northamptonshire and 1, 2, 14-17 Nil 4.8.98
District Hospitals Guild
The Royal London 1-17 I-IV, VI, VII 3.8.98
Mutual Insurance
Society Limited
Security Assurance I, IV Nil 31.7.98
Limited
Sun Alliance Life I-IV, VI, VII Nil 15.7.98
Limited
The Welsh Calvinistic 7 8, 9 13.8.98
Methodist Assurance
Trust Limited
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 July 1998 and 30 September 1998
Company Country of incorporation Classes of business Date on which the company proposes to notification received
write in the UK*
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Chubb Insurance Company Belgium 18 (already 1-17) 24.8.98
of Europe
Nederlandsche Credietverz- Netherlands 14 16.9.98
ekering Maatschappij N.V.
(Known as NCM Credit
Insurance)
N.B. Agrippina Versicherung AG has closed its branch.
* 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 July 1998 and 30 September 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
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Accent Europe Insu- Ireland Ireland 1, 2, 16 14.7.98
rance Company
Limited
Agrippina Versicherung Germany Germany 7-9 (already 12 & 13) 24.7.98
Aktiengesellschaft
Allianz Risk Transfer Netherlands Netherlands 1-9, 10b-16 11.6.98
N.V.
Arisa Assurances Luxembourg Luxembourg 3 (already 1, 2, 16-18) 10.7.98
Barclays Assurance Ireland Ireland IV 30.6.98
(Dublin) Ltd.
BMS International Ireland Ireland 13 (already 7-9, 16) 29.7.98
Insurance Company
Limited
CapitalLeben Vers- Liechtenstein Liechtenstein I-III, VI 29.9.98
icherung Aktienges-
ellschaft
Cardif - Societe Vie France France I, III 11.8.98
Commercial Risk Luxembourg Luxembourg 1-3, 5, 11, 14, 15 10.7.98
Luxembourg
Dibrin Insurance Gibraltar Gibraltar 7 14.7.98
Company Limited
Dorinco Insurance Ireland Ireland 13 30.6.98
Company Limited
Egida Compagnia di Italy Italy 1-9, 11-18 15.7.98
Assicurazioni s.p.a.
Foyer International SA Luxembourg Luxembourg I-IV, VI 17.8.98
Giano Assicurazioni Italy Italy 1, 3-9, 11-13, 16, 17 27.7.98
S.p.A.
Hitachi Credit Insuran- Ireland Ireland 14 (already 1, 2, 9, 16) 14.8.98
ce Corporation Limited
Interpolis Luxembourg Luxembourg Luxembourg I-IV, VI, VII 29.7.98
Navillus Insurance Ireland Ireland 3, 7-9, 11-13, 16 21.9.98
Company Limited
SCA Forsakringsak- Sweden Sweden 8, 9 17.8.98
tiebolag
Schwarzmeer und Germany Germany 1, 3, 6-9, 12, 13 18.8.98
Ostsee Versicherungs-
Aktiengesellschaft
Vabis Forsakringsak- Sweden Sweden 1-3, 7-9, 13, 14, 16, 17 11.8.98
tiebolag
Vahinkovakuutusosa- Finland Finland 1-9, 11-17 28.7.98
keyhtio Pohjola
Victoria Versicherung Germany Germany 5, 11 (already 1, 4, 6-9, 8.7.98
Aktiengesellschaft 12, 13, 16)
Wurtembergische und Germany Germany 1, 3, 4, 6-9, 12, 13, 16, 17 21.8.98
Badische Versicherungs-
Aktiengesellschaft
N.B. Pohjola Insurance Company Limited has ceased to write services business in the United Kingdom.
* '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 July 1998 and 30 September 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 Denmark 1, 2, 5-9, 11-16 15.7.98
Winterthur International Insura- (Austria 1-18 26.7.98
nce Company Limited (Belgium 1-18 26.7.98
(France 1-18 26.7.98
(Spain 1-18 26.7.98
(Italy 1-18 29.7.98
(Portugal 1-18 29.7.98
(Netherlands 1-18 30.7.98
* 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 July 1998 to 30 September 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
The British United UK UK Finland 1, 2
Provident Association
Limited
The Equitable Life UK UK Greece I, III
Assurance Society
European Nichido UK UK Denmark 8, 9, 13
Insurance Company
Limited
General Accident Life UK UK Liechtenstein I, III, IV, VII
Assurance Limited
General Accident UK UK (Finland I, III, IV, VII
Linked Life Assurance (Liechtenstein
Limited (Sweden
General Star Internat- UK UK (Austria 1-4, 6-10, 12-18
ional Indemnity Ltd. (Belgium
(Denmark
(Finland
(France
(Germany
(Gibraltar
(Greece
(Iceland
(Ireland
(Italy
(Liechtenstein
(Luxembourg
(Netherlands
(Norway
(Portugal
(Spain
(Sweden
Scottish Mutual UK UK (Belgium I-IV, VII
Assurance Plc (France
(Germany
(Ireland VII
UK Insurance Limited UK UK Portugal 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.