Article 3 Amendment of paragraph 5

Amend paragraph 5 (order in which assets to be designated) as follows.

After sub-paragraph (5) insert—

“(5A)

For the purposes of sub-paragraph (5)(a) above, in determining whether assets are linked solely to overseas life assurance business, assets linked to policies or contracts which, by virtue of regulation 18 or 19 of the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995^f1 are to be treated as referring to basic life assurance and general annuity business, shall be treated as linked solely to overseas life assurance business.”.

In sub-paragraph (6A)^f2 at the end add “falling within sub-paragraph (5)(a) above”.