The Banking Consolidation Directive (Consequential Amendments) Regulations 2000

Amendment of the Insurance Companies Regulations 1994

12.—(1) The Insurance Companies Regulations 1994(1) are amended as follows.

(2) In regulation 2(1), after the definition of “the Act” there is inserted:

““the Banking Consolidation Directive” means Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions;”.

(3) In regulation 44(1), for the definition of “approved credit institution” there is substituted:

““approved credit institution” means an institution recognised or permitted under the law of an EEA state to carry on any of the activities set out in Annex 1 to the Banking Consolidation Directive;”.

(4) In:–

(a) regulation 44(1), in the definition of “approved securities”;

(b) regulation 45(5);

(c) regulation 55(7)(a)(iv)(2);

(d) regulation 57(5)(e)(3); and

(e) paragraph 14(b) of Schedule 10(4)

for “Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions” there is substituted “the Banking Consolidation Directive”.

(1)

S.I. 1994/1516; relevant amending instrument is S.I. 1995/3248.

(2)

Regulation 55 was substituted by S.I. 1995/3248, regulation 10.

(3)

Regulation 57 was substituted by S.I. 1995/3248, regulation 12.

(4)

Schedule 10 was substituted by S.I. 1995/3248, regulation 19, Schedule 1.