PART XIV PENSION SCHEMES, SOCIAL SECURITY BENEFITS, LIFE ANNUITIES ETC.

CHAPTER VI MISCELLANEOUS

F1659B Definition of insurance company.

1

In sections 591(2)(g) and 599(7) “insurance company” means one of the following—

a

a person authorised under section 3 or 4 of the M1Insurance Companies Act 1982 (or any similar previous enactment) to carry on long term business;

b

a friendly society carrying on long term business;

c

an EC company falling within subsection (3) below.

2

In Chapter IV of this Part “authorised insurance company” means a company that is an insurance company within the meaning given by subsection (1) above.

3

An EC company falls within this subsection if it—

a

lawfully carries on long term business, or lawfully provides long term insurance, in the United Kingdom, and

b

fulfils the requirement under subsection (5) below or that under subsection (6) below or that under subsection (7) below.

4

For the purposes of subsection (3) above an EC company—

a

lawfully carries on long term business in the United Kingdom if it does so through a branch in respect of which such of the requirements of Part I of Schedule 2F to the M2Insurance Companies Act 1982 as are applicable have been complied with;

b

lawfully provides long term insurance in the United Kingdom if such of those requirements as are applicable have been complied with in respect of the insurance.

5

The requirement under this subsection is that—

a

a person who falls within subsection (8) below is for the time being appointed by the company to be responsible for securing the discharge of the duties mentioned in subsection (9) below, and

b

his identity and the fact of his appointment have been notified to the Board by the company.

6

The requirement under this subsection is that there are for the time being other arrangements with the Board for a person other than the company to secure the discharge of those duties.

7

The requirement under this subsection is that there are for the time being other arrangements with the Board designed to secure the discharge of those duties.

8

A person falls within this subsection if—

a

he is not an individual and has a business establishment in the United Kingdom, or

b

he is an individual and is resident in the United Kingdom.

9

The duties are the following duties that fall to be discharged by the company—

a

any duty to pay by virtue of section 203 and regulations made under it tax charged under section 597(3);

b

any duty to pay tax charged under section 599(3) and (7);

c

any duty imposed by regulations made under section 605;

d

any duty to pay by virtue of section 203 and regulations made under it tax charged under section 648A(1).

10

For the purposes of this section—

a

references to an EC company shall be construed in accordance with section 2(6) of the M3Insurance Companies Act 1982;

b

references to long term business shall be construed in accordance with section 1(1) of that Act;

c

references to the provision of long term insurance in the United Kingdom shall be construed in accordance with section 96A(3A) of that Act;

d

a friendly society is a friendly society within the meaning of the M4Friendly Societies Act 1992 (including any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society within the meaning of that Act).