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Article 19 Crown Dependency mutual societyF7I1

United Kingdom

(1)

A mutual insurer is a F1Crown Dependency mutual society for the purposes of section 3 of the 2007 Act (transfers to subsidiaries of other mutuals).

(2)

A mutual insurer is a body corporate which—

(a)

is a cooperative or mutual undertaking;

(b)

is established or operates in accordance with the laws of F2... any of the Channel Islands or the Isle of Man;

(c)

has no share capital;

(d)

is not a wholly-owned subsidiary within the meaning of section 1159(2) of the Companies Act 2006f1; and

(e)

is an insurer.

(3)

In paragraph (2) “insurer” means—

F3(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

an undertaking which—

(i)

is incorporated in any of the Channel Islands or the Isle of Man, and

(ii)

would satisfy the requirements for authorisation F4under the Financial Services and Markets Act 2000 as an insurer, within the meaning of section 339C(4)(b) of that Act if it had its registered office (or if it does not have a registered office, its head office) in F5the United Kingdom.

F6(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1

Words in art. 19(1) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 12(a); 2020 c. 1, Sch. 5 para. 1(1)

F2

Words in art. 19(2)(b) omitted (31.12.2020) by virtue of The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 12(b); 2020 c. 1, Sch. 5 para. 1(1)

F3

Art. 19(3)(a) omitted (31.12.2020) by virtue of The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 12(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

F4

Words in art. 19(3)(b)(ii) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 12(c)(aa)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F5

Words in art. 19(3)(b)(ii) substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 12(c)(bb)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F6

Art. 19(4) omitted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 29(2)(b)

F7

Words in art. 19 heading substituted (31.12.2020) by The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187), regs. 1, 12(d); 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1

Art. 19 in force at 5.3.2009 in accordance with art. 1(2)

Footnotes

f1

2006 c.46.