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Paragraph 3

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

For the purposes of this Schedule, a contract shall be regarded as a UK contract if, in the case of direct insurance or facultative reinsurance accepted, the contract was made in the United Kingdom or if, in the case of a reinsurance treaty, the cedant was a company having its head office in the United Kingdom or was a member of Lloyd's; and “overseas contracts” shall be construed accordingly.