SCHEDULE 5MINOR AND CONSEQUENTIAL AMENDMENTS

Insurance Companies Act

7

After subsection (3) of section 96 of the Insurance Companies Act (general interpretation) there shall be inserted the following subsection—

2B

Any reference in this Act—

a

to an undertaking being closely linked with any person, or being closely linked with any person by control; or

b

to an undertaking’s close links with any person,

shall be construed in accordance with regulation 2 of the Financial Institutions (Prudential Supervision) Regulations 1996).