The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995

Business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom

5.—(1) This regulation applies in circumstances where—

(a) an insurance company has entered into relevant business which is not reinsurance business,

(b) that business is with a policy holder not residing in the United Kingdom,

(c) the policy or contract for that business was effected by an insurance company resident in the United Kingdom at or through a branch outside the United Kingdom, and

(d) the policy or contract was made on or after 1st January 1996.

(2) The business shall be overseas life assurance business where the insurance company—

(a) in a case where the policy holder is an individual, completes the certificate prescribed in paragraph (3) below, or

(b) in a case where the policy holder is not an individual, completes the certificate prescribed in paragraph (4) below.

(3) The certificate prescribed is a certificate—

(a) showing the date on which it is given,

(b) stating the name of the policy holder,

(c) stating any unique identifying designation given to the policy or contract,

(d) stating the territory in which the branch is situated,

(e) stating that the company has no knowledge of any information making it reasonable for the company to assume that the policy holder was residing in the United Kingdom at the time the policy or contract was made,

(f) stating that to the best of the company’s knowledge and belief the policy or contract is not one to which section 431D(2) applies,

(g) where the policy or contract is one to which section 431D(2) does not apply solely by virtue of section 431D(5), stating that to the best of the company’s knowledge and belief the conditions specified in section 431D(5) are fulfilled, and

(h) where the company makes the statement mentioned in sub-paragraph (g) above, stating that the company is in possession of information enabling it to make that statement, and stating the nature of that information.

(4) The certificate prescribed is a certificate—

(a) showing the date on which it is given,

(b) stating the name of the policy holder,

(c) stating any unique identifying designation given to the policy or contract,

(d) stating the territory in which the branch is situated,

(e) stating that the company has no knowledge of any information making it reasonable for the company to assume that the policy holder was residing in the United Kingdom at the time the policy or contract was made,

(f) stating that to the best of the company’s knowledge and belief the policy or contract is one to which either subsection (5) or subsection (7) of section 431D applies,

(g) stating that to the best of the company’s knowledge and belief the conditions specified in either subsection (5) or subsection (7) of section 431D, as the case may be, are fulfilled, and

(h) stating that the company is in possession of information enabling it to make the statement mentioned in sub-paragraph (g) above, and stating the nature of that information.

(5) A certificate under this regulation shall be given by an employee of the insurance company, and shall show the name of that employee and his position within the company.

(6) Paragraph (7) below applies in any case where—

(a) policies or contracts for business to which this regulation applies were effected at or through a particular branch outside the United Kingdom, and

(b) those policies or contracts were effected by an insurance company within the same accounting period.

(7) The insurance company may—

(a) combine a certificate under paragraph (3) above with another certificate under paragraph (3) above in a single document, or

(b) combine a certificate under paragraph (4) above with another certificate under paragraph (4) above in a single document;

but a certificate under paragraph (3) above shall not be combined with a certificate under paragraph (4) above in a single document.

(8) The insurance company shall complete the certificate prescribed in this regulation within three months following the end of the insurance company’s accounting period in which the policy or contract was made.