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.