Part XXVI Interpretation

F1742C Meaning of “insurance company” and “authorised insurance company”

1

For the purposes of this Act, “insurance company” has the meaning given in subsection (2) and “authorised insurance company” has the meaning given in subsection (4).

2

Subject to subsection (3), “insurance company” means a person (whether incorporated or not)—

a

who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; or

b

who carries on insurance market activity; or

c

who may effect or carry out contracts of insurance under which the benefits provided by that person are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle, and does not fall within paragraph (a).

3

An insurance company does not include a friendly society, within the meaning of section 116 of the Friendly Societies Act 1992.

4

An “authorised insurance company” means a person falling within paragraph (a) of subsection (2).

5

References in this section to contracts of insurance and the effecting or carrying out of such contracts must be read with -

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; and

c

Schedule 2 to that Act.