General

35Contracts of insurance etc

(1)

A transaction under which a person acquires an item in pursuance of an existing contract of insurance is not a purchase or sale of the item for the purposes of this Act.

(2)

A transaction under which an item—

(a)

is acquired by a regulated insurer acting in the course of the insurer's business as such, or

(b)

is acquired, in pursuance of a regulated insurance contract, by a person who is or was an insured person in relation to the item under that contract,

is not a purchase or sale of the item for the purposes of this Act.

(3)

In this section—

“existing contract of insurance” means a contract of insurance entered into before the day on which section 1 comes into force;

“insurance” includes reinsurance;

“regulated insurance contract” means a contract of insurance effected or carried out by a regulated insurer;

“regulated insurer” means a person who has permission to effect or carry out contracts of insurance under Part 4A of the Financial Services and Markets Act 2000.