Regulation 9 Statutory notice by insurer in relation to long term policy

For subsection (1) of section 75 of the 1982 Act^f1 (statutory notice by insurer in relation to long term policy) substitute—

“(1)

Subject to subsections (5) and (5A) below, unless the requirements of subsection (1A) below are fulfilled—

(a)

no insurance company which is authorised under section 3 or 4 above, no EC company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the carrying on of long term business in the United Kingdom; and

(b)

no UK, EC or EFTA company and no member of Lloyd’s shall enter into a contract the effecting of which constitutes the provision of long term insurance in the United Kingdom.”

In subsection (5B)^f2 of that section, for paragraph (a) substitute—

“(a)

the insurer is a UK, EC or EFTA company or a member of Lloyd's;”.