Paragraph 5

Section 6^f1 (the lending limit) is amended as follows.

In subsection (5)(a), for “Authority” substitute “appropriate authority”.

For subsection (12)(a), substitute—

“(a)

in respect of its business in effecting or carrying out contracts of long term insurance in accordance with rules made by—

(i)

the FCA under section 137A of the Financial Services and Markets Act 2000, or

(ii)

the PRA under section 137G of that Act,

which require an authorised person who has permission to effect or carry out contracts of insurance to identify assets which belong to that person and which are maintained in respect of a particular aspect of that person’s business; or”.

In subsection (15), for “Authority” substitute “appropriate authority”.