SCHEDULE 2Amendments to secondary legislation

Financial Services and Markets Act 2000 (Regulated Activities) Order 200111

1

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M1 is amended as follows.

2

In article 3(1) (interpretation), in the definition of “contract of insurance”—

a

in paragraph (e) for “article 1(2)(e) of the first life insurance directive (collective insurance etc.)” substitute “ Article 2(3)(b)(v) of the Solvency 2 Directive ”;

b

in paragraph (f) for “article 1(3) of the first life insurance directive (social insurance)” substitute “ Article 2(3)(c) of the Solvency 2 Directive ”.

3

In article 11(2) (community co-insurers) for “the Council Directive of 30 May 1978 on the co-ordination of laws, regulations and administrative provisions relating to Community co-insurance (No 78/473/EEC)” substitute “ Article 190 of the Solvency 2 Directive ”.

4

In paragraph (2) of article 72A (information society services)—

a

omit sub-paragraphs (a) and (b);

b

insert at the end of paragraph (2) “ the insurance falls within the scope of the Solvency 2 Directive. ”.

5

In Schedule 1 (contracts of insurance)—

a

in paragraph VIII (collective insurance etc) for “article 1(2)(e) of the first life insurance directive” substitute “ Article 2(3)(b)(v) of the Solvency 2 Directive ”;

b

in paragraph IX (social insurance) for “article 1(3) of the first life insurance directive” substitute “ Article 2(3)(c) of the Solvency 2 Directive ”.