174. In regulation 9(3) (qualifying investments for an insurance component) for sub-paragraph (c) substitute—
“(c)the policy evidences or secures a contract of insurance which—
(i)falls within paragraph I or III of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, or
(ii)would fall within either of those paragraphs if the insurer was a company with permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance;”.