The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2004

Amendment of regulation 7

5.—(1) Amend regulation 7 (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company— policies or contracts made on or after 1^st January 1996) as follows.

(2) After paragraph (1A)(1) insert—

“(1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business has not been treated by the transferor as relating to overseas life assurance business;

(c) that business is with a policy holder who is an individual not residing in the United Kingdom and either—

(i) is a British citizen, or

(ii) is a person in respect of whose business the company has treated this regulation as applying, and

(d) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom otherwise than at or through a branch outside the United Kingdom, or by an overseas life insurance company.”.

(3) In paragraph (4)(2) after “paragraph (1A)” insert “or (1B)”.

(1)

Paragraph (1A) was inserted by regulation 6(3) of S.I. 1999/2839.

(2)

Paragraph (4) was amended by regulation 6(5) of S.I. 1999/2839.