PART 4Amendments to the Financial Services and Markets Act 2000

Amendments to section 417 (definitions)7

In section 417(1) (definitions)—

a

for the definition of “insurance undertaking”14 substitute—

  • “insurance undertaking” means—

    1. a

      an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal, or

    2. b

      the association of underwriters known as Lloyd’s;

b

omit the definition of “minimum capital requirement”15;

c

for the definition of “reinsurance undertaking”16 substitute—

  • “reinsurance undertaking” means—

    1. a

      an undertaking which is authorised by or under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance that are limited to reinsurance contracts as principal, or

    2. b

      the association of underwriters known as Lloyd’s;

d

omit the definition of “solvency capital requirement”17;

e

omit the definition of “third-country insurance undertaking”18.