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The Insurance Companies (Amendment) Regulations 1994

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Transitional provisions: UK insurers

14.—(1) If—

(a)a UK company or a member of Lloyd’s was immediately before the commencement date lawfully carrying on insurance business of a class or part of a class in Austria, Iceland, Norway or Sweden; or

(b)such a company or member was immediately before that date lawfully carrying on long term business of a class or part of a class in Finland,

the company or member shall be treated for the purposes of the 1982 Act as if the requirements of paragraph 1 of Schedule 2G to that Act (recognition in other EEA States of UK insurers) had been complied with in relation to insurance business or long term business of that class or part of a class.

(2) If—

(a)a UK company or a member of Lloyd’s was immediately before the commencement date lawfully providing insurance of a class or part of a class in Austria, Iceland, Norway or Sweden; or

(b)such a company or member was immediately before that date lawfully providing long term insurance of a class or part of a class in Finland,

the company or member shall be treated for the purposes of the 1982 Act as if the requirements of paragraph 5 of Schedule 2G to that Act had been complied with in relation to insurance or long term insurance of that class or part of a class.

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