Preliminary
Classification of long term business
3. 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 business
4.—(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.”