2. In regulation 30 of the Occupational Pension Schemes (Contracting-out) Regulations 1984(1) (means of securing guaranteed minimum pensions)—
(a)in paragraph (2), for sub-paragraph (b) there shall be substituted the following sub-paragraph—
“(b)in the case of a policy of insurance or annuity contract, that the policy is taken out, or the contract is entered into, with—
(i)an insurance company which is authorised under section 3 or 4 of the Insurance Companies Act 1982(2) to carry on ordinary long-term insurance business as defined in that Act; or
(ii)an EC company as defined in section 2(6) of the Insurance Companies Act 1982(3) falling within paragraph (4) below; or
(iii)a friendly society which is authorised under section 32 of the Friendly Societies Act 1992(4) to carry on long term business under any of the Classes specified in Head A of Schedule 2 to that Act provided that the terms of such a policy or such a contract are not capable of being amended, revoked or rescinded.”;
(b)after paragraph (3) there shall be inserted the following paragraph—
“(4) An EC company falls within this paragraph if it—
(a)carries on ordinary long-term insurance business in the United Kingdom through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with; or
(b)provides ordinary long-term insurance in the United Kingdom and such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with in respect of the insurance.”.