The Occupational Pension Schemes (Discharge of Liability) Regulations 1997

Requirements applying to policies of insurance and annuity contracts

2.—(1) The requirements referred to in section 19(4)(a)(ii) of the 1993 Act (requirements applying to policies of insurance or annuity contracts for the purposes of discharging liabilities for guaranteed minimum pensions) are that the insurance policy is taken out or the annuity contract is entered into with an insurance company which is—

(a) authorised under section 3 or 4 of the Insurance Companies Act 1982(1) (authorization of insurance business); or

(b) in the case of a Friendly Society, authorised under section 32 of the Friendly Societies Act 1992(2) (activities of Friendly Societies: long-term business) to carry out long-term business under any of the Classes specified in Head A of Schedule 2 of that Act; or

(c) an EC company as defined in section 2 of the Insurance Companies Act 1982(3) falling within paragraph (2) below.

(2) An EC company falls within this paragraph if it—

(a) carries on ordinary long-term insurance business in the United Kingdom through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with; or

(b) provides ordinary long-term insurance in the United Kingdom and such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982 as are applicable have been complied with in respect of the insurance.

(1)

1982 c. 52.

(2)

1992 c. 40.

(3)

Section 2 was amended by regulation 4(2) of S.I. 1994/1698 and 3132.