Companies Act 1985

General U.K.

81 (1) The following definitions apply for the purposes of this Part of this Schedule and its interpretation—

• F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “fungible assets” means assets of any description which are substantially indistinguishable one from another;

• [F2 “general business” means business which consists of effecting or carrying out contracts of general insurance;]

• “lease” includes an agreement for a lease;

• “listed investment” means an investment listed on a recognised stock exchange, or on any stock exchange of repute outside Great Britain and the expression “unlisted investment” shall be construed accordingly;

• “long lease” means a lease in the case of which the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years;

• [F3 “long term business” means business which consists of effecting or carrying out contracts of long term insurance;]

• “long term fund” means the fund or funds maintained by a company in respect of its long term business [F4 in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000];

• [F5 “policy holder” has the meaning given in any relevant order under section 424(2) of the Financial Services and Markets Act 2000;]

• “provision for unexpired risks” means the amount set aside in addition to unearned premiums in respect of risks to be borne by the company after the end of the financial year, in order to provide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts;

• “short lease” means a lease which is not a long lease.

(2) In this Part of this Schedule the “ECU” means the unit of account of that name defined in Council Regulation (EEC) No.3180/78 as amended.

The exchange rates as between the ECU and the currencies of the member States to be applied for each financial year shall be the rates applicable on the last day of the preceding October for which rates for the currencies of all the member States were published in the Official Journal of the Communities.

Textual Amendments

F1 Definition of "the 1982 Act" in Sch. 9A Pt. I para. 81(1) omitted (1.12.2001) by virtue of S.I. 2001/3649, art. 36(1)(7)(a)

F2 Definition of "general business" in Sch. 9A Pt. I para. 81(1) substituted (1.12.2001) by S.I. 2001/3649, art. 36(1)(7)(b)

F3 Definition of "long term business" in Sch. 9A Pt. I para. 81(1) substituted (1.12.2001) by S.I. 2001/3649, art. 36(1)(7)(c)

F4 Words in the definition of "long term fund" in Sch. 9A Pt. I para. 81(1) substituted (1.12.2001) by S.I. 2001/3649, art. 36(1)(7)(d)

F5 Definition of "policy holder" in Sch. 9A Pt. I para. 81(1) substituted (1.12.2001) by S.I. 2001/3649, art. 36(1)(7)(e)