The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Application of Article 669 to insurers

67.—(1) Article 669 of the 1986 Order (certain companies to publish periodical statement) is amended as follows.

(2) In paragraph (1) for “insurance company” substitute “insurer”.

(3) In paragraph (5) for “insurance company” substitute “insurer”.

(4) For paragraph (6) substitute—

“(6) This Article does not apply to an insurer which is—

(a) an insurance company which is subject to, and complies with, rules made by the Financial Services Authority under Part 10 of the Financial Services and Markets Act 2000 as to the accounts and balance sheet to be prepared annually and deposited; or

(b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000, if the firm complies with the provisions of law of its home State as to the accounts and balance sheets to be prepared annually and deposited.”.

(5) After paragraph (7) insert—

“(8) For the purposes of this Article—

(a) “insurer” means a person who effects or carries out contracts of insurance in the United Kingdom; and

(b) “contract of insurance” includes a contract of insurance under which the benefits provided by the insurer are exclusively or primarily benefits in kind in the event of accident to or breakdown of a vehicle.

(9) Paragraph (8) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that Schedule; and

(c) Schedule 2 to that Act.”.