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—
- a
A carries on after commencement by virtue of continuing to carry on his overseas insurance business; and
- b
A is regarded as carrying on in the United Kingdom by virtue of section 418;
- a
“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.