Article 521 Prescribed requirements applying to insurersI1

For regulation 3 of the Occupational Pension Schemes (Discharge of Protected Rights on Winding Up) Regulations 1996 (Requirements applying to insurance companies) substitute—

“Requirements applying to insurers

3

(1)

The requirements referred to in section 32A(2)(a)(ii) of the Act (policy of insurance appropriate if the insurer satisfies prescribed requirements) are that the insurer—

(a)

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

(b)

is 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 long-term insurance in the United Kingdom.

(2)

References to contracts of long-term insurance in paragraph (1) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; or

(c)

Schedule 2 to that Act.”.