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The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001
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There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001, Section 21.
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Insurance business carried on overseas by friendly societies before commencementU.K.
21.—(1) A friendly society which was, immediately before commencement—
(a)authorised under the Friendly Societies Act to carry on insurance business (within the meaning of that Act); and
(b)carrying on overseas insurance business,
is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas insurance business.
(2) In this article—
“corresponding overseas regulated activities” means regulated activities which—
(a)the society carries on after commencement by virtue of continuing to carry on its overseas insurance business; and
(b)the society is regarded as carrying on in the United Kingdom by virtue of section 418;
“overseas insurance business” means business which constituted insurance business within the meaning of section 21(1) of the Friendly Societies Act and which the society was carrying on in a country or territory outside the United Kingdom without contravening either paragraph 1 or 5 of Schedule 13B to that Act.
Commencement Information
I1Art. 21 in force at 1.12.2001, see art. 1(2)(b)
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