Paragraph 5 Specification of particular restrictions

(1)

In this Schedule “the particular restrictions for European life insurance vehicles” means the provisions set out in sub-paragraph (2) below, and “the particular restrictions for general insurance vehicles” means the restrictions set out in sub-paragraph (3) below.

(2)

A body corporate is not an appropriate European life insurance vehicle for a society where—

(a)

for the purposes of carrying on insurance business of any class specified in Schedule 1 to the Insurance Companies Act 1982^f1, the body is neither authorised nor otherwise entitled to carry on such business in any member State nor in any country which is listed in paragraph 2(iii) above, nor (where applicable) a candidate for authorisation in any such member State, or country,

(b)

it is a market maker, or

(c)

the body or any subordinate organisation of the body comes within the description of an appropriate general insurance vehicle as specified in this Schedule.

(3)

A body corporate is not an appropriate general insurance vehicle for a society where, for the purposes of carrying on insurance business of any class specified in Part I of Schedule 2 to the Insurance Companies Act 1982^f2, the body is neither authorised nor otherwise entitled to carry on such business in any member State nor in any country which is listed in paragraph 2(iii) above, nor (where applicable) a candidate for authorisation in any such State or country.

Annotations

Footnotes

f1: 1982 c. 50.
f2: 1982 c. 50; Part I of Schedule 2 was amended by S.I. 1987/2130.