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The Insurance Companies (Overseas Life Assurance Business) (Excluded Business) (Amendment) Regulations 2007
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- UK Statutory Instruments
- 2007 No. 2086
- Regulation 3
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Amendment of regulation 3
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3.—(1) For regulation 3 (life assurance business excluded from section 431D) substitute—
“Life assurance business prescribed for the purposes of section 431D(1A)(d)
3.—(1) Subject to paragraph (2), life assurance business is prescribed for the purposes of section 431D(1A)(d) (meaning of “overseas life assurance business”) if it is of a description—
(a)that does not fall within any of the circumstances set out in regulations 4 to 7; or
(b)that falls within the circumstances set out in regulation 9.
(2) Where a policy or contract for business is owned by two or more policy holders or annuitants who do not hold the policy or contract as trustees of the same trust, the business is prescribed for the purposes of section 431D(1A)(d) where, if any of the policy holders or annuitants were the only policy holder or annuitant, paragraph (1) would so prescribe it.”
(2) Accordingly, the heading before regulations 4 to 7 becomes “Circumstances where business not prescribed for the purposes of section 431D(1A)(d)”.
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