The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

Amendment of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations

5.  For regulation 3 of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations (Northern Ireland) 1996(1) (requirements applying to insurance companies) there shall be substituted the following regulation –

“Requirements applying to insurers

3.— (1) The requirements referred to in section 28A(2)(a)(ii) of the Act(2) (policy of insurance appropriate if the insurer satisfies prescribed requirements) are that the insurer is –

(a) a person who has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (EEA passport rights) 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 long-term insurance in the United Kingdom.

(2) In paragraph (1) the expression “contracts of long-term insurance” shall be read with –

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

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.”.

(1)

S.R. 1996 No. 94

(2)

Section 28A was inserted by Article 143(1) of the Pensions (Northern Ireland) Order 1995 and subsection (2) was amended by article 19(2) of S.I. 2002/1555