(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.
Commencement Information
I1S. 35 in force at 6.6.2022 by S.I. 2022/288, reg. 4(v) (with reg. 5)