Atlas Insurance PCC Limited

Limits on what they may do

• Firm agreed to add the following requirement (short description): not to write new Motor GAP Insurance in the UK from 01/01/2023.

  Requirement: Restriction on new business activities 1. From 1st January 2024 the Firm must not, save as expressly permitted in paragraph 2 below, without the prior written consent of the FCA, do the following: a) Undertake any regulated activity or other activity connected to that regulated activity, in relation to a GAP contract. 2. Notwithstanding paragraph 1, the Firm may continue to undertake all other regulated and other connected activities which are within the scope of the Firm’s permissions, including those in relation to GAP contracts that are necessary in order to enable the Firm to do the following: a) process pipeline business; b) carry out the Firm’s obligations and provide continuing support in the ordinary and proper course of business in relation to: i) GAP contracts entered into before 1st January 2024; and ii) GAP contracts entered into on or after 1st January 2024 that arise from pipeline business. Effective date 3. The Requirement in this application is to take immediate effect on its acceptance by the FCA and notification of such to the Firm by e-mail (“effective date”). 4. The Requirement will remain in effect until the FCA has confirmed in writing that it can be lifted. Definitions and interpretation 5. In this Requirement: a) terms have the same meaning as in the FCA Handbook, unless otherwise stated; b) “pipeline business” means any business being processed by the Firm on 1st January 2024; and c) “processed” means the Firm is actively working on a request received by a potential policyholder for the Firm to offer to enter into a contract of insurance with that potential policyholder.