The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Payments by insurers

358.—(1) Paragraph 5 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997 is amended as follows.

(2) The existing provision becomes sub-paragraph (1).

(3) In that sub-paragraph—

(a) for “insurance company within the meaning of the Insurance Companies Act 1982” substitute “insurer”; and

(b) for “the company” substitute “the insurer”.

(4) After that sub-paragraph, insert—

“(2) “Insurer” means—

(a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance.

(3) Sub-paragraph (2) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.