Regulation 3 Qualifying transformer vehicle

(1)

A qualifying transformer vehicle is a transformer vehicle^f1 which—

(a)

is a company limited by shares,

(b)

carries out the activity of insurance risk transformation where substantially all of that activity relates to business other than basic life assurance and general annuity business, and

(c)

is authorised under Part 4A of the Financial Services and Markets Act 2000^f2 to carry out insurance risk transformation.

(2)

In paragraph (1)(b), “basic life assurance and general annuity business” has the same meaning as in Part 2 of the Finance Act 2012^f3.

Annotations

Footnotes

f1: “Transformer vehicle” is defined in section 183(11) of the Finance Act 2016.
f2: 2000 c. 8; Part 4A was inserted by section 11(2) of the Financial Services Act 2012 (c. 21) and relevantly amended by S.I. 2017/****.
f3: 2012 c. 14; “basic life and general annuity business” is defined in section 57 of that Act.