PART IVDISCHARGE OF LIABILITY IN RESPECT OF A PENSION CREDIT
Qualifying arrangements11.
(1)
The requirements referred to in paragraph 6(2)(b) of Schedule 5 to the 1999 Act (requirements applying to annuity contracts or policies of insurance for the purpose of sub-paragraph (1) of that paragraph) are that the annuity contract is entered into or the insurance policy is taken out with an insurance company which is—
(a)
(b)
in the case of a friendly society authorised under section 32 of the Friendly Societies Act 199222 (grant of authorisation by Commission: general) to carry out long term business under any of the Classes specified in Head A of Schedule 2 to that Act (the activities of a friendly society: long term business); or
(c)
an EC company as defined in section 2 of the Insurance Companies Act 198223 (restriction on carrying on insurance business), and which falls within paragraph (2).
(2)
An EC company falls within this paragraph if it—
(a)
carries on ordinary long-term insurance business (within the meaning of section 96(1) of the Insurance Companies Act 198224) in the United Kingdom through a branch in respect of which such of the requirements of Part I of Schedule 2F to that Act25 (recognition in the United Kingdom of EC and EFTA companies: EC companies carrying on business etc. in the United Kingdom) 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 that Act as are applicable have been complied with in respect of insurance.