Section 67 Power to treat certain business as or as not being ordinary long-term insurance business.
United Kingdom
The F1Treasurymay, on the application or with the consent of an insurance company to which this Part of this Act applies, by order direct that for the purposes of the application to the company of all or any of the provisions to which this section applies—
business of a kind specified in the order, not being ordinary long-term insurance business, shall be treated as being such business; or
ordinary long-term insurance business of a kind so specified shall be treated as not being such business.
An order under subsection (1)(b) above may direct that the business specified in the order shall be treated as falling within a specified class of business.
An order under this section may be subject to conditions and may be varied or revoked at any time by the Treasury.
The provisions to which this section applies are sections 17 to 20, 25, 28 to 31, 42, 55, 56 and 59(2) of this Act and section 21 of the M1Policyholders Protection Act 1975 and Schedule 3 to that Act.
Annotations
Textual amendments
- F1
Word in s. 67 substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 43(d) (with art. 7)
Marginal citations
- M1
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Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
Notes on Part II
Modifications
- C1
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)