GIM10020 - Non-resident insurers: regulatory background: general
The Financial Services and Markets Act 2000 permits 鈥榓uthorised persons鈥� to carry on 鈥榬egulated activities鈥�, which include effecting and carrying out contracts of insurance. Section 31 FSMA 2000 defines authorised persons as
- a person who has permission under Part 4 of the Act to carry on regulated activities
- an EEA firm qualifying for authorisation under Schedule 3 to the Act
- a Treaty firm qualifying for authorisation under Schedule 4 to the Act
- a person who is otherwise authorised under the Act.
The equivalent provisions in the Insurance Companies Act 1982, which applied until 1 December 2001, were in Part I of that Act and Schedule 2F to it (for EC companies).
鈥楨EA鈥� and 鈥楾reaty鈥� firms do not have to obtain permission under Part 4 FSMA to carry on insurance business in the UK and are subject to regulation in their Home States (GIM10030 and GIM10040). A non-EEA firm must obtain Part 4 permission (GIM10090).