PART 2Subsidy control requirements

CHAPTER 2Prohibitions and other requirements

Other specific prohibitions and requirements

I1I227Subsidies for insurers that provide export credit insurance

1

A subsidy to an insurer that provides export credit insurance is prohibited by this section unless the subsidy is given subject to a condition that—

a

any export credit insurance provided by the insurer against marketable risks is provided on a commercial basis, and

b

the subsidy is not used to directly or indirectly benefit so much of the insurer’s business as consists of providing export credit insurance against marketable risks.

2

In this section—

  • “export credit insurance” has the same meaning as in section 16;

  • “insurer” means a person who has permission to carry on the regulated activity of effecting or carrying out contracts of insurance under—

    1. a

      Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulated activities), or

    2. b

      paragraph 15 of Schedule 3 to that Act (EEA passport rights), as it has effect as a result of section 409 of that Act (Gibraltar);

  • “marketable risks” has the same meaning as in section 16;

  • “regulated activity” has the meaning given by section 22 of the Financial Services and Markets Act 2000, taken with Schedule 2 to that Act and any order under that section.