Article 17 Insurance business carried on overseas before commencementI1

A person (“A”) who was, immediately before commencement—

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas insurance business.

In this article—

• “corresponding overseas regulated activities” means regulated activities which—

  1. (a)

     A carries on after commencement by virtue of continuing to carry on his overseas insurance business; and

  2. (b)

     A is regarded as carrying on in the United Kingdom by virtue of section 418;

• “overseas insurance business” means business which constituted insurance business within the meaning of section 2 of the Insurance Companies Act and which A was carrying on in a country or territory outside the United Kingdom without contravening either paragraph 1 or 5 of Schedule 2G to that Act^f1.