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Statutory Instruments
1989 No. 2380
FINANCIAL SERVICES
The Financial Services (Designated Countries and Territories) (Overseas Insurance Companies) Order 1989
Made
18th December 1989
Laid before Parliament
20th December 1989
Coming into force
1st February 1990
Whereas it appears to the Secretary of State that the law under which insurance companies are authorised and supervised in the Commonwealth of Pennsylvania affords adequate protection to policy holders and potential policy holders against the risk that the companies may be unable to meet their liabilities: Now, therefore, the Secretary of State, in exercise of the powers conferred on him by section 130(3) and (4) of the Financial Services Act 1986 (1)and of all other powers enabling him in that behalf, hereby makes the following Order:
1. This Order may be cited as the Financial Services (Designated Countries and Territories) (Overseas Insurance Companies) Order 1989 and shall come into force on1st February 1990.
2. The Commonwealth of Pennsylvania is designated for the purposes of section 130 of the Financial Services Act 1986.
John Redwood
Parliamentary Under-Secretary of State,
Department of Trade and Industry
18th December 1989
Explanatory Note
(This note is not part of the Order)
This Order designates the Commonwealth of Pennsylvania (i.e. Pennsylvania, USA) for the purposes of section 130 of the Financial Services Act 1986. The Order removes from the prohibition imposed by subsection (1) of that section on the promotion of certain contracts of insurance, rights under which constitute an investment for the purposes of that Act, the promotion of such contracts with an insurance company authorised to effect or carry out such contracts in the Commonwealth of Pennsylvania.