# Finance Act 2012, Section 65: Meaning of “insurance company”


(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), ... 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).

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Source: https://www.legislation.gov.uk/ukpga/2012/14/section/65 (the official version)
Page: https://openlegislation.uk/finance-act-2012/section-65
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.