Article 298 Meaning of “authorised insurer”I1

For section 21(5)^f1 of the Administration of Justice Act 1985 (professional indemnity and compensation: meaning of “authorised insurer”) substitute—

“(5)

“Authorised insurer” means—

(a)

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

(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 insurance of a relevant class; or

(c)

a person who does not fall within sub-paragraph (i) or (ii) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member State other than the United Kingdom.

(6)

A contract of insurance is of a relevant class for the purposes of subsection (5) if it insures against a risk arising from—

(a)

accident;

(b)

credit;

(c)

legal expenses;

(d)

general liability to third parties;

(e)

sickness;

(f)

suretyship; or

(g)

miscellaneous financial loss.

(7)

Subsections (5) and (6) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.