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Article 595 Interpretation of the 2000 Regulations: generalI1

United Kingdom

(1)

In paragraph (3) of regulation 1 of the Stakeholder Pension Schemes Regulations 2000 (Citation, commencement and interpretation)—

(a)

the definition of “insurance company” is revoked, and in the same place insert—

  • ““insurer” means—

    1. (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, or

    2. (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;”; and

(b)

for the definition of “securities” substitute—

  • ““securities” means investments of the following kinds—

    1. (a)

      shares,

    2. (b)

      instruments creating or acknowledging indebtedness,

    3. (c)

      government and public securities,

    4. (d)

      instruments giving entitlements to investments,

    5. (e)

      certificates representing securities,

    but does not include shares in a unit trust;”.

(2)

After paragraph (3) of that regulation insert—

“(3A)

The definitions of “insurer” and “securities” in paragraph (3) 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.”.

(3)

In regulation 8(5) of those Regulations for “insurance company” substitute “insurer”.

(4)

In regulation 15(3) of those Regulations for “insurance company” substitute “insurer”.

Annotations

Commencement

I1

Art. 595 in force at 1.12.2001, see art. 1