Regulation 26 Actuary’s report as to margin of solvency

(1)

In subsection (2) of section 87 of the 1992 Act (actuary’s report as to margin of solvency), for paragraph (a) substitute–

“(a)

the fulfilment of any of the engagements to be transferred will constitute–

(i)

in the case of a transferor to which subsection (2) or (3) of section 37 above applies, the carrying on of insurance business in one or more member States, or

(ii)

in the case of a transferor to which neither of those subsections applies, the carrying on of insurance business in the United Kingdom, and”.

(2)

A person who–

(a)

is guilty of an offence under subsection (6) of that section; but

(b)

would not have been subject to the provisions of that subsection if this regulation had not been made,

shall not be liable on summary conviction to imprisonment for a term exceeding three months.