The Insurance Companies Regulations 1994

Regulation 63

SCHEDULE 13 RELEVANT CO-INSURANCE OPERATIONS

1.  An insurance operation is a relevant co-insurance operation for the purposes of regulation 63 above if—

(a) it is not a reinsurance acceptance, and

(b) it relates to any of the classes specified in paragraph 2 below, and

(c) it satisfies all the conditions specified in paragraph 3 below.

2.  The classes referred to in paragraph 1(b) above are—

• class 3 (land vehicles),

• class 4 (railway rolling stock),

• class 5 (aircraft),

• class 6 (ships),

• class 7 (goods in transit),

• class 8 (fire and natural forces),

• class 9 (damage to property),

• class 10 (motor vehicle liability),

• class 11 (aircraft liability),

• class 12 (liability for ships),

• class 13 (general liability), excluding risks which concern damage arising from nuclear sources or from medicinal products,

• class 14 (credit),

• class 15 (suretyship), and

• class 16 (miscellaneous financial loss),

as specified in Part I of Schedule 2 to the Act.

3.  The conditions referred to in paragraph 1(c) above are—

(a) that the risk is covered by a single contract at an overall premium and for the same period by two or more insurers, each for his own part;

(b) that the risk is situated (within the meaning of paragraph 4 below) within an EEA State;

(c) that at least one of the insurers participating in the operation does so through a head office or branch established in an EEA State other than that in which the leading insurer’s head office (or if the leading insurer is participating through a branch, that branch) is established.

4.  For the purposes of paragraph 3(b) above, a risk is situated in an EEA State—

(a) in the case of insurance relating to immovable property, if the property is situated in an EEA State,

(b) in the case of insurance relating to a registered vessel, aircraft or vehicle (including railway rolling stock), if the vessel, aircraft or vehicle is registered in an EEA State, and

(c) in any other case, if the policy holder is incorporated or has his habitual residence in an EEA State.