205.—(1) Section 117(8) of the Friendly Societies Act 1992 (meaning of “provision of insurance”) is repealed.
(2) Section 119 of the Friendly Societies Act 1992 (interpretation) is amended as follows.
(3) In the definition of “supervisory authority” in subsection (1) (1) for the words “insurance companies” substitute “persons whose business consists of effecting or carrying out contracts of insurance”.
(4) In subsection (1A)(2) for the words “Prudential Supervision Directive” to the end of that subsection substitute “European Parliament and Council Directive of 29th June 1995 amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, Directives 72/239/EEC and 92/96/EEC in the field of non-life insurance, Directives 79/267/EEC and 92/49/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (UCITS) with a view to reinforcing prudential supervision (No. 95/26/EC)”.
(5) Subsection (1B) is repealed.
(6) After subsection (1B), insert—
“(1C) In the definition of “supervisory authority” in subsection (1), the reference to contracts of insurance and to effecting or carrying out such contracts must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.”.
The definition of “supervisory authority” was inserted by S.I. 1994/1984, regulation 30(f).
Subsections (1A) and (1B) were inserted by S.I. 1996/1669, Schedule 5, paragraph 6.