Section 6 Combination of long term and general business.F1C1
United Kingdom
The F2Treasuryshall not under section 3 above authorise a body to carry on both long term business and general business unless—
the long term business is restricted to reinsurance; or
the body is at the time the authorisation is issued already lawfully carrying on in the United Kingdom, otherwise than under paragraph (c) below, both long term business and general business (in neither case restricted to reinsurance); or
in the case of a body which is a UK company, the general business is restricted to Group 1 of Part II to Schedule 2 to this Act (accident and health) or to any class or part of a class of insurance within that group.
Annotations
Textual amendments
- F1
S. 6 substituted (1.7.1994) by S.I. 1994/1696, reg. 6
- F2
Word in s. 6 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 4 (with art. 7)
Modifications
- C1
s. 6: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 4
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)