The Reinsurance Directive Regulations 2007 No. 3253

Regulation 2(3)

SCHEDULE 3 U.K. Amendments to other primary legislation

Amendments to the Friendly Societies Act 1992 U.K.

1.  Section 119 of the Friendly Societies Act 1992(1)(general interpretation) is amended as follows—

(a) in subsection (1A)(2)—

(i) for “72/239/EEC” substitute “73/239/EEC”; and

(ii) at the end insert “and as amended by the reinsurance Directive.”;

(b) after subsection (1C) add—

“(1D) References in this Act to the life assurance consolidation Directive are references to that Directive as amended by the reinsurance Directive.”;

(c) after subsection (2) insert—

“(3) In this section, “the reinsurance Directive” means Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”.

Commencement Information

I1 Sch. 3 para. 1 in force at 10.12.2007, see reg. 1(1)

Amendments to the Companies Acts U.K.

2.—(1) Section 843 of the Companies Act 2006(3) (realised profits and losses of long term insurance business) is amended as follows—

(a) in subsection (1) after “authorised insurance company” insert “, other than an insurance special purpose vehicle,”;

(b) after subsection (7) insert—

“(8) In this section “insurance special purpose vehicle” means a special purpose vehicle within the meaning of Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”

(2) Until the coming into force of section 843 of the Companies Act 2006, section 268 of the Companies Act 1985(4) (realised profits of authorised insurance company with long term business) has effect as if—

(a) in subsection (1)(5) after “authorised insurance company” there were inserted “, other than an insurance special purpose vehicle,”; and

(b) in subsection (3)(6) after paragraph (a) there were inserted—

“(aa) “insurance special purpose vehicle” means a special purpose vehicle within the meaning of Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.”.

Commencement Information

I2 Sch. 3 para. 2 in force at 10.12.2007, see reg. 1(1)

(1)

1992 c.40.

(2)

Subsections (1A), (1B) were inserted by S.I. 1996/1669. Subsection (1A) was amended by S.I. 2001/3649 and 2004/3379.

(3)

2006 c.46.

(4)

1985 c.6.

(5)

Subsection (1) was amended by S.I. 1996/189 and 2001/3649.

(6)

Subsection (3) was amended by S.I. 2001/3649.