The company was said to have acted in breach of section 2(1) of the1982 Act.
Held: A Minister’s application to wind up companies in the public interest must be cogently argued. Insurance authorisation depends on where the effecting and carrying out of contracts of insurance occurs. The purpose of the addition of the words ‘as principal’, which had not appeared in earlier equivalent legislation, was to confirm that it did not extend to agents duly authorised by insurers.
That an insurance contract is made outside the UK does not mean that there cannot be the carrying on of an insurance business within the UK. Some activities conducted by brokers in the UK on behalf of offshore companies (other than the mere acceptance of risk) can amount to evidence that the offshore companies were carrying on business in the UK.
Times 13-Oct-1995, [1997] 2 BCLC 685
Companies Act 1986 124A, Insurance Companies Act 1982 2(1)
England and Wales
Company, Insurance
Updated: 18 December 2021; Ref: scu.81646