|
|
|
Amendment of section 6 of Act of 1964 (contributions to Fund by insurers)
|
| |
14. Section 6 of the Act of 1964 is amended by substituting the following for subsection (6):
|
|
| |
“(6) (a) If an appropriate contribution is not paid in accordance with this section, the Bank may—
|
|
| |
(i) recover it as a simple contract debt, in any court of competent jurisdiction, from the insurer or insurer authorised in another Member State by which it is payable, and
|
|
| |
(ii) in the case of an insurer by which such contribution is payable, on giving notice in writing of not less than 21 days to the insurer, suspend its authorisation until the Bank is satisfied that all appropriate contributions payable by that insurer in accordance with this section have been paid.
|
|
| |
(b) If an insurer authorised in another Member State has not paid an appropriate contribution in accordance with this section, the Bank may inform the authority in that Member State charged by the law of that Member State with the duty of supervising the activities of insurance undertakings in that Member State (in this subsection referred to as ‘the supervisory authority’).
|
|
| |
(c) If an insurer referred to in paragraph (b) persists in its failure to pay the appropriate contribution, despite any measures taken by the supervisory authority or because those measures prove to be inadequate or are lacking in that Member State, the Bank may, after informing the supervisory authority and on giving notice of not less than 21 days to the insurer, in the exercise of its powers under financial services legislation, take appropriate measures to prevent further failure, including preventing that insurer from issuing any policies of insurance in relation to risks in the State.”.
|
