(1)The Authority may make rules prohibiting an authorised person who has permission to effect or carry out contracts of insurance from carrying on a specified activity.
(2)Such rules may specify an activity which is not a regulated activity.
(3)The Authority may make rules in relation to contracts entered into by an authorised person in the course of carrying on business which consists of the effecting or carrying out of contracts of long-term insurance.
(4)Such rules may, in particular—
(a)restrict the descriptions of property or indices of the value of property by reference to which the benefits under such contracts may be determined;
(b)make provision, in the interests of the protection of policyholders, for the substitution of one description of property, or index of value, by reference to which the benefits under a contract are to be determined for another such description of property or index.
(5)Rules made under this section are referred to in this Act as insurance business rules.