SCHEDULES

F1SCHEDULE 19AC Modification of Act in relation to overseas life insurance companies

Annotations:
Amendments (Textual)
F1

Sch. 19AC inserted (27.7.1993) by 1993 c. 34, s. 97, Sch. 9 para.1

F211

F31

In section 440A(2), in paragraph (a) the words “UK securities” shall be treated as substituted for the word “securities” in the first place where it occurs.

2

F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

In paragraphs (d) and (e) of that subsection, the words “UK securities”shall be treated as substituted for the word “securities”

4

The following paragraphs shall be treated as inserted at the end of that subsection—

the section 11C securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs; and

g

the non-UK securities shall be treated for those purposes as a separate holding which is not of any of the descriptions mentioned in the preceding paragraphs.”

5

The following subsection shall be treated as inserted after subsection (6) of that section—

F5

For the purposes of this section—

a

UK securities are such securities as are—

i

section 11(2)(b) assets;

ii

section 11(2)(c) assets; or

iii

assets which by virtue of section 11B are attributed to the branch or agency in the United Kingdom through which the company carries on life assurance business;

b

section 11C securities are securities—

i

(in a case where section 11C (other than subsection (9)) applies) which are assets of the relevant fund, other than UK securities; or

ii

(in a case where that section including that subsection applies) which are assets of the relevant funds, other than UK securities;

c

non-UK securities are securities which are not UK securities or section 11C securities;

and any expression used in this subsection to which a meaning is given by section 11A has that meaning.”

F66

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