PART II SPECIFIED ACTIVITIES
Chapter IIIInsurance
Exclusions
Community co-insurers11.
(1)
There is excluded from article 10(1) or (2) the effecting or carrying out of a contract of insurance by an EEA firm falling within paragraph 5(d) of Schedule 3 to the Act—
(a)
other than through a branch in the United Kingdom; and
(b)
pursuant to a Community co-insurance operation in which the firm is participating otherwise than as the leading insurer.
(2)
In paragraph (1), “Community co-insurance operation" and “leading insurer" have the same meaning as in the Council Directive of 30 May 1978 on the co-ordination of laws, regulations and administrative provisions relating to Community co-insurance (No. 78/473/EEC) M1.