- associate
means, subject to subsection (5) below— a the wife or husband or minor son or daughter of that person;
- claims representative
has the meaning given in section 96F below;”
- criteria of sound and prudent management
means the criteria set out in Schedule 2A to this Act;”
- daughter
includes stepdaughter. 7 Any reference in this section to a UK or non-EC company includes a reference to a company which, if any authorisation sought by it were issued, would be such a company.”
- establishment
means the head office or a branch of the company;
- linked long term contract
means a contract ofinsurance— (a) the effecting of which constitutes the carrying on of long term business;
- majority shareholder controller
means a shareholder controller whose shareholding is such that the UK company is his subsidiary undertaking. 4 For the purpose of determining for the purposes of this Act whether any person is a controller of an insurance company or is a shareholder controller, or a shareholder controller of any particular description, of a UK company, ‘associate’ means, subject to subsection (5) below— a the wife or husband or minor son or daughter of that person;
- non-EC company
has the meaning given in section 5 above;
- notifiable holding
means voting rights or shares which, if acquired by any person, will result in his becoming a 10 per cent.shareholder controller, a 20 per cent.shareholder controller, a 33 per cent.shareholder controller, a 50 per cent.shareholder controller or a majority shareholder controller;”
- qualifying policyholder
means a policyholder who is eligible for the assistance or protection of the Board in accordance with any provision of sections 6 to 16 above.”
- relevant claim
means any claim which may be made against a policy issued by the company to the extent that it covers relevant motor vehicle risks situated in the EEA State concerned, whether or not submitted to the company and whether by a policy holder or by a third party having rights of action against the company or a policy holder or by both.”
- relevant motor vehicle risks
means risks falling within class 10 of Schedule 2 to this Act (motor vehicle liability), but excluding carrier’s liability;
- settlement
includes any disposition or arrangement under which property is held in trust;
- share
has the same meaning as in Part VII of the Companies Act or Part VIII of the Companies (Northern Ireland) Order 1986.”
- shareholder controller
means a person who is a controller of a UK company by virtue of subsection (2) above;
- son
includes stepson and ‘daughter’ includes stepdaughter. 7 Any reference in this section to a UK or non-EC company includes a reference to a company which, if any authorisation sought by it were issued, would be such a company.”
- the 1982 Act
means the Insurance Companies Act 1982;
- the 1986 Act
means the Financial Services Act 1986;
- the Board
means The Securities and Investments Board.
- the commencement date
means 1st July 1994.
- the third general insurance Directive
means Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC;”
- the third long term insurance Directive
means Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administrative provisions relating to direct life assurance and amending Directives 79/267 EEC and 90/619/EEC;”