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The Solvency 2 Regulations 2015

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Finance Act 1997

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

(2) In subsection (7)(b) for the words from “for the purposes of—” to the end of the paragraph substitute “for the purposes of Article 39 of the Solvency 2 Directive.”.

(3) In subsection (8)—

(a)omit the following definitions—

(i)“the life assurance consolidation directive”;

(ii)“the third non-life insurance directive”;

(b)insert at the appropriate place—

“the Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);.

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