Policy towards New Insurance Business

The general policy of the Futures Trading Authority of London regarding applications for permits under the Insurance Business (London) Law 1996 is to restrict these to companies which will contribute to London's standing as an international finance centre. The policy of FTAL with regard to category A permit holders and category B permit holders will be as follows: 

1. are authorised by or under the law of a jurisdiction outside of the State to carry on business of the description in question within that jurisdiction;
2. have provided FTAL with the confirmation from the relevant supervisory authority that the insurance business of any branch office, employee or agent of the applicants situated in the State is subject to its supervision and meets all solvency and other regulatory requirements;
3. are supervised in that jurisdiction to an acceptable standard.
   
   

1. have owners which, by the provision of annual audited accounts and/or other information, have shown themselves to be of sufficient stature and reputation to be acceptable to FTAL;
2. have produced a business plan covering five years of operations and showing how trading will continue successfully into year six;
3. have, in cases where staff are employed in the State, provided a projection of economic benefit satisfactory to the State;
4. are managed in the State by persons acceptable to FTAL, and who have the relevant level of knowledge and expertise in insurance business;
5. have made, where relevant, the necessary arrangements regarding re-insurance;
6. insure risks of a nature and type which are reasonable and appropriate.