PART IIAUTHORISATION AND PERMISSION FOR PERSONS AUTHORISED ETC. UNDER OLD LAW

CHAPTER Ipermissions under part iv of the act

Insurance companies

Insurance business carried on overseas before commencementI117

1

A person (“A”) who was, immediately before commencement—

a

authorised under the Insurance Companies Act; and

b

carrying on overseas insurance business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas insurance business.

2

In this article—

  • “corresponding overseas regulated activities” means regulated activities which—

    1. a

      A carries on after commencement by virtue of continuing to carry on his overseas insurance business; and

    2. b

      A is regarded as carrying on in the United Kingdom by virtue of section 418;

  • “overseas insurance business” means business which constituted insurance business within the meaning of section 2 of the Insurance Companies Act and which A was carrying on in a country or territory outside the United Kingdom without contravening either paragraph 1 or 5 of Schedule 2G to that Act14.