General

I135Contracts 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.