Section 65 Meaning of “insurance company”C1

(1)

This section defines for the purposes of this Part what is meant by an “insurance company”.

(2)

A person who carries on the activity of effecting or carrying out contracts of insurance is an “insurance company” if—

(a)

the person has permission under Part 4 of FISMA 2000 to carry on that activity,

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The above definition is subject to the following qualifications—

(a)

a friendly society within the meaning of Part 3 is not an insurance company, and

(b)

an insurance special purpose vehicle (see section 139) is an insurance company only if, in addition to falling within subsection (2)(a), F3... it is a BLAGAB group re-insurer.

(4)

A person is a “BLAGAB group re-insurer” if for an accounting period—

(a)

the person carries on basic life assurance and general annuity business,

(b)

it is not the case that substantially all of the person's long-term business is long-term business other than basic life assurance and general annuity business, and

(c)

all of its life assurance business is re-insurance business of a description which is excluded business for the purposes of section 57(2)(e).

Annotations

Textual amendments

F1: S. 65(2)(b) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 21(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F2: S. 65(2)(c) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 21(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in s. 65(3)(b) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 21(2)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

Modifications

C1: S. 65 modified (with effect in accordance with Sch. 3 paras. 30-36 of the amending Act) by 2010 c. 8, s. 94(3) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 3 para. 28(1))