Date-stamp loading
Version status: Omitted | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
  Version 7 of 7    

198. Power to apply to court for injunction in respect of certain overseas insurance companies

Omitted from 31 December 2020

(1) This section applies if the appropriate regulator has received a request made in respect of an incoming EEA firm in accordance with Article 140 of the Solvency 2 Directive.

(2) The court may, on an application made to it by the appropriate regulator with respect to the firm, grant an injunction restraining (or in Scotland an interdict prohibiting) the firm disposing of or otherwise dealing with any of its assets.

(3) If the court grants an injunction, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as it considers necessary to enable the appropriate regulator to perform any of its functions under this Act.

(3A) "The appropriate regulator" means whichever regulator is, at the time when the request is received, the supervisory authority for the purposes of Article 140 of the Solvency 2 Directive.

(4) "The court" means -

(a) the High Court; or

(b) in Scotland, the Court of Session.

Comparing proposed amendment...