Article 251 Meaning of “authorised insurer” and “relevant institution”I1

Regulation 4(16)^f1 of the Local Government Pension Scheme (Scotland) Regulations 1998 (agreements to enable employees of non-Scheme employers to be members (“admission agreements”) is amended as follows.

For sub-paragraph (a) substitute—

“(a)

“authorised insurer” means—

(i)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of general insurance; or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of general insurance,

and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.

For sub-paragraph (e) substitute—

“(e)

“relevant institution” means—

(i)

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 accept deposits;

(ii)

a person who is exempt from the general prohibition in respect of accepting deposits as a result of an exemption order made under section 38(1) of that Act;

(iii)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule to accept deposits as a result of satisfying the establishment conditions within the meaning of that Schedule,

and the expressions used in this definition must be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.”.