{
  "url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-33",
  "json_url": "https://openlegislation.uk/finance-act-2011/schedule-19/paragraph-33.json",
  "legislation": "ukpga/2011/11",
  "legislation_title": "Finance Act 2011",
  "legislation_url": "https://openlegislation.uk/finance-act-2011",
  "path": "schedule/19/paragraph/33",
  "kind": "paragraph",
  "number": "33",
  "heading": null,
  "text": "(1) Relevant insurance liabilities are excluded.\n(2) “ Relevant insurance liabilities ” means liabilities of a regulated insurer carrying on an insurance business which are—\n(a) liabilities to policyholders under contracts of general insurance or contracts of long-term insurance, including such contracts effected or carried out outside the United Kingdom,\n(b) liabilities representing unallocated surpluses, or\n(c) liabilities representing participants' interests in collective investment schemes.\n(3) The liabilities of a regulated insurer within sub-paragraph (2)(c) include a liability which would be a liability of the insurer within that provision if the insurer prepared consolidated financial statements.\n(4) In this paragraph—\n“ collective investment scheme ” has the same meaning as in Part 17 of FISMA 2000 (see sections 235 and 237 of that Act);\n“ contract of general insurance ” means a contract of a type described in Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ( S.I. 2001/544);\n“ contract of long-term insurance ” means a contract of a type described in Part 2 of that Schedule;\n“ regulated insurer ” means an entity which—\n(a)is authorised under the law of any territory to carry on insurance business, or\n(b)is a member of a body or organisation which is so authorised;\n“ unallocated surplus ” means the fund for future appropriations shown in line 15 of Form 3 of a return deposited with the Prudential Regulation Authority under section 9.6 of the Interim Prudential Sourcebook for Insurers made by that Authority under FISMA 2000.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 19 para. 33(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 15(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2011/11/schedule/19/paragraph/33",
    "retrieved_at": "2026-10-29T09:09:31.813616+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}