Part I Restriction on Carrying on Insurance Business
Authorised insurance companies
C14 Existing insurance companies.
1
A body that was, immediately before the commencement of this Act, authorised under section 3 or 4 of the M1Insurance Companies Act 1981 to carry on in the United Kingdom insurance business of a class specified in Schedule 1 or 2 to that Act (or a part of such a class) is authorised to carry on there insurance business of the class identified by the same number in Schedule 1 or 2 to this Act (or that part of such a class).
2
A body may not carry on industrial assurance business by virtue of this section unless—
a
it was carrying on such business immediately before 1st January 1982, or
b
it was immediately before the commencement of this Act authorised to carry on such business under section 3 of the Insurance Companies Act 1981.