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”.