PART 8MISCELLANEOUS AMENDMENTS TO PRIMARY LEGISLATION
Solicitors Act 1974 (c. 47)
Meaning of “authorised insurer”286
1
Section 87 of the Solicitors Act 1974 (interpretation) is amended as follows.
2
In subsection (1), the definition of “authorised insurer”207 is repealed.
3
In subsection (1) for the definition of “bank”208 substitute—
“bank” means the Bank of England, a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;
4
After that subsection, insert—
1A
In this Act “authorised insurer” means—
a
a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;
b
a person who carries on an insurance market activity, within the meaning of section 316(3) of that Act;
c
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or
d
a person who does not fall within paragraph (a), (b) or (c) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member state other than the United Kingdom.
1B
A contract of insurance is of a relevant class for the purposes of subsection (1A) if it insures against risks arising from—
a
accident;
b
credit;
c
legal expenses;
d
general liability to third parties;
e
sickness;
f
suretyship;
g
miscellaneous financial loss.
1C
The definition of “bank” in subsection (1) and subsections (1A) and (1B) 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.