The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004

PART 2Amendments to Primary Legislation

Companies Act 1985 (c. 6)

2.—(1) The Companies Act 1985 is amended as follows.

(2) In the definition of “authorised insurance undertaking” in subsection (1) of section 220(1) (definitions for Part VI), for “Article 6 or 27 of Council Directive 79/267/EEC” substitute “Article 4 or 51 of Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance”(2).

(3) In paragraph 46(3) of Part I of Schedule 9A(3) (form and content of accounts of insurance companies and groups), for “Council Directive 92/96/EEC” substitute “Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance”.

Friendly Societies Act 1992 (c. 40)

3.—(1) The Friendly Societies Act 1992 is amended as follows.

(2) In subsection(2)(c)(i) of section 52 (applications to court) for “life Directives” substitute “the life assurance consolidation Directive”.

(3) In subsection (1) of section 119 (general interpretation)—

(a)after the definition of “committee of management” insert—

““the life assurance consolidation Directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance;”;

(b)the definitions of “the first life Directive”, “the second life Directive”, “the third life Directive” and “the life Directives”(4) are omitted.

(4) In subsection (1A) of section 119(5)—

(a)the words “, or to the first or third life Directive,” are omitted; and

(b)for “Directives 72/239/EEC and 92/96/EEC in the field of non-life insurance, Directives 79/267/EEC and 92/49/EEC in the field of life insurance” substitute “Directives 72/239/EEC and 92/49/EEC in the field of non-life insurance”.

(5) In sub-paragraph (1)(c)(v) of paragraph 15A(6) of Schedule 15 (amalgamations, transfers of engagements and conversion: supplementary), for “Article 29 or 30 of the first life Directive” substitute “Article 55 or 56 of the life assurance consolidation Directive”.

Value Added Tax Act 1994 (c. 23)

4.—(1) Group 2—Insurance(7) of Part II of Schedule 9 (exemptions) to the Value Added Tax Act 1994 is amended as follows.

(2) In paragraph (a) of item no. 2(8), for “in the Annex to the first life insurance directive” substitute “in Annex 1 to the life assurance consolidation directive”.

(3) For paragraph (b) in note (C1)(9) substitute—

“(b)“life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance.”

Finance Act 1997(c. 16)

5.—(1) Section 96 (demutualisation of insurance companies) of the Finance Act 1997 is amended as follows.

(2) In subsection (7)(b) for sub-paragraph (i)(10) there is substituted—

“(i)Article 14 of the life assurance consolidation directive, or”.

(3) In subsection (8)(11)—

(a)before the definition of “contract of insurance” insert—

““the life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance;”; and

(b)the definition of “the third life insurance directive” is omitted.

Financial Services and Markets Act 2000 (c. 8)

6.—(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 116 (effect of insurance business transfers authorised in other EEA states)—

(a)in subsection (2), for “Article 27 of the first life insurance directive” substitute “Article 51 of the life assurance consolidation directive”;

(b)in subsection (5)(a), for sub-paragraph (i) substitute—

“(i)Article 14 of the life assurance consolidation directive; or”; and

(c)in subsection (5)(b), for sub-paragraph (i) substitute—

“(i)Article 53 of the life assurance consolidation directive; or”.

(3) In subsection (1) of section 198 (power to apply to court for an injunction in respect of certain overseas insurance companies), for paragraph (b) substitute—

“(b)Article 37.5 of the life assurance consolidation directive”.

(4) In subsection (5) of section 405(12) (directions), for paragraph (d) substitute—

“(d)Article 59(4) of the life assurance consolidation directive.”

(5) In subsection (1)(a) of section 425(13) (expressions relating to authorisation elsewhere in the single market)—

(a)before ““EEA authorisation” insert “life assurance consolidation directive”,”.

(b)the words ““first life insurance directive”,” are omitted;

(6) In Schedule 3 (EEA passport rights)(14)—

(a)in paragraph 3—

(i)in sub-paragraph (1), for “first, second and third life insurance directives” substitute “life assurance consolidation directive”;

(ii)for sub-paragraphs (5), (6) and (7) substitute—

“(8) “Life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance.”; and

(b)in paragraph 5(d)—

(i)for “Article 1 of the first life insurance directive or of the first non-life insurance directive” substitute “Article 2 of the life assurance consolidation directive or Article 1 of the first non-life insurance directive”.

(ii)for “Article 6” substitute “Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive”.

(7) In Schedule 12 (transfer schemes: certificates)—

(a)in paragraph 1—

(i)in sub-paragraph (2)(a), for “Article 6 of the first life insurance directive or” substitute “Article 4 of the life assurance consolidation directive or Article 6”;

(ii)in sub-paragraph (3)(a), for “Article 6 of the first life insurance directive” substitute “Article 4 of the life assurance consolidation directive”;

(b)in paragraph 10(3)—

(i)for “Article 27 of the first life insurance directive” substitute “Article 51 of the life assurance consolidation directive”;

(ii)for “Article 6 of either of those directives” substitute “Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive”; and

(c)in paragraph 10(4), for “Article 6 of the first life insurance directive or the first non-life insurance directive” substitute “Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive”.

Terrorism Act 2000 (c. 11)

7.  In paragraph 6(1)(i) of Schedule 6(15) (financial information) to the Terrorism Act 2000, for “Article 6 or 27 of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance” substitute “Article 4 or 51 of Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance”.