PART VI U.K.THIRD COUNTRY INSURERS

Interpretation of this Part U.K.

48.—(1) In this Part—

(a) “relevant measure”, in relation to a third country insurer, means

(i) a winding up;

(ii) an administration order made under paragraph 13 of Schedule B1 [F1 or under paragraph 14 of Schedule B1 to the 1989 Order];

or

(iii) a decision of the court to reduce the value of one or more of the insurer’s contracts, in accordance with section 377 of the 2000 Act;

(b) “third country insurer” means a person—

(i) who has permission under the 2000 Act to effect or carry out contracts of insurance [F2 other than by virtue of regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018]; and

(ii) whose head office is not in the United Kingdom F3 ....

(2) In paragraph (1), the definition of “third country insurer” must be read with—

(a) section 22 of the 2000 Act;

(b) any relevant order made under that section; and

(c) Schedule 2 to that Act.

Textual Amendments

F1 Words in reg. 48(1)(a)(ii) added (6.4.2007) by The Insurers (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 2(17)

F2 Words in reg. 48(1)(b)(i) inserted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(17)(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in reg. 48(1)(b)(ii) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(17)(b); 2020 c. 1, Sch. 5 para. 1(1)