Finance Act 2011

33(1)Relevant insurance liabilities are excluded.U.K.

(2) “ Relevant insurance liabilities ” means liabilities of a regulated insurer carrying on an insurance business which are—

(a)liabilities to policyholders under contracts of general insurance or contracts of long-term insurance, including such contracts effected or carried out outside the United Kingdom,

(b)liabilities representing unallocated surpluses, or

(c)liabilities representing participants' interests in collective investment schemes.

(3)The liabilities of a regulated insurer within sub-paragraph (2)(c) include a liability which would be a liability of the insurer within that provision if the insurer prepared consolidated financial statements.

(4)In this paragraph—

  • “ collective investment scheme ” has the same meaning as in Part 17 of FISMA 2000 (see sections 235 and 237 of that Act);

  • “ contract of general insurance ” means a contract of a type described in Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544);

  • “ contract of long-term insurance ” means a contract of a type described in Part 2 of that Schedule;

  • “ regulated insurer ” means an entity which—

    (a)

    is authorised under the law of any territory to carry on insurance business, or

    (b)

    is a member of a body or organisation which is so authorised;

  • “ unallocated surplus ” means the fund for future appropriations shown in line 15 of Form 3 of a return deposited with the [F1 Prudential Regulation Authority ] under section 9.6 of the Interim Prudential Sourcebook for Insurers made by that Authority under FISMA 2000.

Textual Amendments