# The Insurance Brokers Registration Council (Indemnity Insurance and Grants Scheme) Rules Approval Order 1987, Paragraph 7


(1) The persons who shall be entitled to apply to the Council for a grant under the Grants scheme (“the applicant”) shall be individuals or partnerships or other unincorporated bodies of persons all the members of which are individuals, who are or have been insured under a United Kingdom policy of insurance but excluding a policy of reinsurance or reassurance and who have suffered loss in consequence of the negligence or fraud or other dishonesty on the part of practising insurance brokers or enrolled bodies corporate, or of employees of theirs, in connection with such United Kingdom policy of insurance or through failure on the part of practising insurance brokers or enrolled bodies corporate to account for money received by them in connection with such United Kingdom policy of insurance.
(2) References to persons who are or have been insured under a United Kingdom policy of insurance shall include persons who had sought advice or given instructions in contemplation of becoming an insured under a United Kingdom policy of insurance.
(3) A policy of insurance is a United Kingdom policy for the purposes of these Rules at any time when the performance by the insurance company of any of its obligations under the contract evidenced by the policy would constitute the carrying on by the insurance company of insurance business of any class in the United Kingdom.
(4) For the purposes of this rule and rule 8 of these Rules the expressions “insured” and “insurance” shall include “assured” and “assurance”.

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Source: https://www.legislation.gov.uk/uksi/1987/1496/schedule/paragraph/7 (the official version)
Page: https://openlegislation.uk/insurance-brokers-registration-council-indemnity-insurance-and-grants-scheme-rules-approval-order-1987/schedule/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.