PART 2Definitions for the purposes of the Act

Definition of “relevant insurer”I13

1

For the purposes of Part 4 of the Act, an insurer6 is a relevant insurer in a financial year if the insurer—

a

i

effected any home insurance in the period of 12 months immediately preceding the first day of the financial year, and

ii

has permission under the Financial Services and Markets Act 20007 which allows the insurer to effect and carry out home insurance on the first day of the financial year; or

b

is a member of the Society (within the meaning of the Lloyd’s Act 19828) and, as such a member—

i

effected any home insurance during the period of 12 months immediately preceding the first day of the financial year; and

ii

on the first day of the financial year, intends to effect further home insurance during the financial year.

2

For the purposes of paragraph (1)(b), an insurer who falls within paragraph (1)(b)(i) shall be taken to fall within paragraph (1)(b)(ii), unless the contrary is shown by the insurer to the reasonable satisfaction of the FR Scheme administrator.