§ Mr. Teddy Taylorasked the Secretary of State for Trade and Industry (1) what restrictions are placed on insurance companies based in other member states of the Common Market in the provision of car insurance for residents of the United Kingdom; and if he will make a statement;
(2) if there are any licensing or authorisation procedures required by his Department before Common Market-based insurance companies can underwrite car insurance for United Kingdom residents; and if he will make a statement.
§ Mr. ChannonAny insurance company carrying on insurance business in the United Kingdom must be authorised by the Secretary of State under the Insurance Companies Act 1982. However, offshore insurance companies which are not authorised here are permitted to solicit for business, and United Kingdom residents are free to place insurance business with such companies by remitting premiums either directly or through intermediaries. All insurance companies providing compulsory 19W motor insurance in respect of vehicles registered in the United Kingdom must comply with the requirements of the road traffic legislation.
§ Mr. Teddy Taylorasked the Secretary of State for Trade and Industry if any restrictions are placed on the movement of funds between the various members of the Common Market and the United Kingdom which would affect the payment of insurance claims taken up by United Kingdom residents with Common Market insurance companies; and if he will make a statement.
§ Mr. ChannonI am unaware of any restrictions imposed by other member states on the movement of funds that would prevent a United Kingdom resident successfully pursuing a claim against an insurance company established in another member state.