The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2004

Amendment of regulation 8

7.—(1) Amend regulation 8 (certain business other than reinsurance business where the company comes into possession of additional information) as follows.

(2) After paragraph (1A)(1) insert—

“(1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 relevant business which is neither reinsurance business nor term assurance business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business was entered into with a policy holder referred to in regulation 7(1)(b);

(c) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom otherwise than at or through a branch outside the United Kingdom, or by an overseas life insurance company, and

(d) the insurance company to whom the business is transferred comes to be in possession of information making it reasonable for the company to assume either—

(i) that there has been a change in the identity of the policy holder and the new policy holder is a person referred to in regulation 7(1)(b), or

(ii) that the policy holder (being a person referred to in regulation 7(1)(b)) has ceased to be entitled to the rights conferred by the policy or contract.”.

(1)

Paragraph (1A) was inserted by regulation 8(3) of S.I. 1999/2839.