Article 47 Qualifying policiesI1

Amend Schedule 15 (qualifying policies)^f1 as follows.

In paragraph 4(3)(b)(i) for “business within class VI of Head A or class I of Head B of Schedule 2 to the Friendly Societies Act 1992” substitute “the business of effecting or carrying out contracts of insurance which fall within paragraph 1 of Part I or paragraph VI of Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”.

In paragraph 11(1) for the words from “a contract falling” to the end substitute

• 1. (a)

     “a contract of insurance on human life; or

  2. (b)

     a contract to pay annuities on human life.”.

In paragraph 14(3) for the words from “effected” to “1982” substitute “evidencing a contract of long-term insurance”.

In paragraph 14 after sub-paragraph (3) insert—

“(3A)

In sub-paragraph (3) “contract of long-term insurance” means a contract which falls within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.”.