This is the original version (as it was originally made).
24.—(1) Section 63 (demutualisation of insurance company) of the Finance Act 2003(1) is amended as follows.
(2) For paragraph (b) of subsection (2) substitute—
“(b)it is a transfer of business of a general insurance company carried on through a permanent establishment in the United Kingdom and takes place in accordance with authorisation granted outside the United Kingdom for the purposes of the Solvency 2 Directive, and the requirements of subsection (3) and (4) are met in relation to the shares of a company (“the issuing company”) which is either the acquiring company or a company of which the acquiring company is a wholly-owned subsidiary.”.
(3) In subsection (7) omit the following definitions—
(a)“the life assurance Directive”;
(b)“the 3rd non-life insurance Directive”.
(4) In subsection (7) insert at the end—
““the Solvency 2 Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).”.
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