PART IIAMENDMENTS OF 1982 ACT

CHAPTER IRESTRICTION ON CARRYING ON INSURANCE BUSINESS

Preliminary

Classification of long term business3

At the end of Schedule 1 to the 1982 Act (classes of long term business) insert—

VIII

Collective insurance etc.

Effecting and carrying out contracts of a kind referred to in Article 1(2)(e) of the first long term insurance Directive.

IX

Social insurance

Effecting and carrying out contracts of a kind referred to in Article 1(3) of the first long term insurance Directive.

Restriction on carrying on insurance business4

1

After subsection (1) of section 2 of the 1982 Act (restriction on carrying on insurance business) insert—

1A

Subsection (1) above shall not apply to insurance business carried on by anEC company through a branch in respect of which such of the requirements of Part I of Schedule 2F to this Act as are applicable have been complied with.

2

After subsection (5) of that section insert—

6

In this Act ‘EC company’ means an insurance company—

a

which is incorporated in or formed under the law of a member State other than the United Kingdom;

b

whose head office is in that member State; and

c

which is authorised in accordance with Article 6 of the first general insurance Directive or Article 6 of the first long term insurance Directive.