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14.—(1) Subsection (5)(1) of section 8 of the Insolvency Act 1986 (power of court to make order) is amended as follows.
(2) For paragraph (a) substitute—
“(a)it effects or carries out contracts of insurance, but is not—
(i)exempt from the general prohibition, within the meaning of section 19 of the Financial Services and Markets Act 2000, in relation to effecting or carrying out contracts of insurance, or
(ii)an authorised deposit taker within the meaning given by subsection (IB), and effecting or carrying out contracts of insurance in the course of a banking business;”.
(3) In paragraph (b), after “the Banking Act 1987” insert “, but is not an authorised deposit taker, within the meaning given by subsection (1B)”.
Subsection (5) was substituted, together with subsections (4) and (6), for subsection (4) by S.I. 2001/3649, article 304.
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