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Friendly Societies Act 1992
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Changes over time for: Paragraph 1
Version Superseded: 01/12/2001
Alternative versions:
- 01/09/1994- Amendment
- 01/01/1998- Amendment
- 01/12/1998
Point in time - 17/08/2001- Amendment
- Stop date 01/12/2001- Amendment
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Point in time view as at 01/12/1998. This version of this provision has been superseded.
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1(1)A friendly society to which section 37(2) or (3) above applies shall not carry on direct insurance business of a class or part of a class through an overseas branch in [F1an EEA State] other than the United Kingdom unless–
(a)the society is authorised under section 32 above to carry on insurance business of that class or part of a class; and
(b)the requirements of this paragraph have been complied with in relation to that branch.
(2)The requirements of this paragraph are–
(a)that the society has given to the Commission a notice containing both the requisite EC details and the requisite UK details;
(b)that the Commission has given to the supervisory authority in the [F1EEA State] in which the overseas branch is to be established (“the [F1EEA State] of the branch")–
(i)a notice which contains the requisite EC details; and
(ii)a certificate in accordance with sub–paragraph (3) below; and
(c)that either–
(i)that authority has informed the Commission of the conditions which, in the interest of the general good, must be complied with by the society in carrying on insurance business through the branch; or
(ii)the period of two months beginning with the day on which the Commission gave that authority the certificate mentioned in paragraph (b) above has elapsed.
(3)A certificate is in accordance with this sub–paragraph if it–
(a)attests that the society has the minimum margin of solvency calculated in accordance with such of the following as are appropriate–
(i)Articles 16 and 17 of the first general insurance Directive, and
(ii)Articles 19 and 20 of the first life Directive; and
(b)indicates the classes of insurance business which the society is authorised to carry on in the United Kingdom.
(4)The Commission shall, within the period of three months beginning with the date on which the society’s notice was received–
(a)give the notice and certificate referred to in sub–paragraph (2)(b) above; or
(b)refuse to give either or both of those documents.
(5)The Commission shall, within the period of three months referred to in sub–paragraph (4) above, notify the society–
(a)that it has given the notice and certificate referred to in sub–paragraph (2)(b) above, stating the date on which it did so; or
(b)that it has refused to give either or both those documents, stating the reasons for the refusal.
(6)The Commission shall not refuse to give the notice referred to in sub–paragraph (2)(b) above unless, having regard to the business to be carried on through the overseas branch, it appears to it that the criteria of prudent management would not or might not continue to be fulfilled in respect of the society.
(7)Where the supervisory authority in the member State of the branch has informed the Commission as mentioned in paragraph (2)(c)(i) above, the Commission shall forward the information to the society.
Textual Amendments
F1Words in Sch. 13B para. 1 substituted (1.1.1998) by S.I. 1997/2849, reg. 3
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