PART III
Application: Part III11
1
This Part of these Regulations applies to—
a
every UK company which carries on credit insurance business; and
b
every non-EC company which carries on credit insurance business in the United Kingdom.
2
This Part of these Regulations applies to credit insurance business.
3
This Part of these Regulations does not apply—
a
in the case of a UK company, where the net premiums written in any financial year in respect of its credit insurance business are less than 4 per cent. of the total net premiums written by it in that financial year and less than 2,500,000 units of account; or
b
in the case of a non-EC company, where the net premiums written in any financial year in respect of its credit insurance business carried on through a branch in the United Kingdom are less than 4 per cent. of the total net premiums written by it in that financial year in respect of business carried on through that branch and less than 2,500,000 units of account.