# The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, Article 521: Prescribed requirements applying to insurers

Extent: E+W+S+N.I.

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.”.

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Source: https://www.legislation.gov.uk/uksi/2001/3649/article/521 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-consequential-amendments-and-repeals-order-2001/article-521
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.