Article 42 Pension schemes etc.: meaning of insurance companyI1

Amend section 659B (definition of insurance company) as follows.

For subsection (1) substitute—

“(1)

in sections 591(2)(g)^f1 and 599(7) “insurance company” means one of the following—

(a)

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

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which—

(i)

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; and

(ii)

fulfils the requirement under subsection (5), (6) or (7) below.

(1A)

In subsection (1) above “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.

Omit subsections (3), (4) and (10).