# The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001, Article 15: EC companies carrying on reinsurance business

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

(1) This article applies to a person who was, immediately before commencement, an EC company within the meaning of the Insurance Companies Act and was by reason of compliance with—
(a) the requirements of paragraph 4 of Schedule 2F to the Insurance Companies Act ;
(b) Gibraltar requirements (within the meaning of paragraph 28(2) of Schedule 2F to that Act) corresponding to those in that paragraph,
able to carry on reinsurance business through a branch in the United Kingdom without contravening section 2(1) of that Act.
(2) Subject to paragraph (3), the person is to be treated as having, at commencement, a Part IV permission to carry on any regulated activity which immediately before commencement he was—
(a) by reason of compliance with the requirements mentioned in paragraph (1)(a) or (b) (as the case may be) able to carry on through a branch in the United Kingdom without contravening paragraph 4 of Schedule 2F to that Act; and
(b) able so to carry on without contravening paragraph 5 of that Schedule.
(3) Paragraph (2) does not apply—
(a) to a person falling within paragraph (1)(b) unless he is, at commencement, carrying on a regulated activity in the United Kingdom;
(b) where the person falling within paragraph (1) has (whether by virtue of this Order or otherwise) permission under Schedule 4 to carry on reinsurance business.

---
Source: https://www.legislation.gov.uk/uksi/2001/2636/article/15 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-authorised-persons-etc-order-2001/article-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.