Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Overseas Life Insurance Companies Regulations 2004 (S.I. 2004/2200).

Regulation 1 provides for the citation commencement and effect of the Regulations.

Regulation 2 introduces the amendments.

Regulations 3 and 4 amend—

(a)

paragraph 6(10) treated as inserted into Schedule 19AC to the Income and Corporation Taxes Act 1988 (c. 1);

(b)

paragraph1AA treated as inserted into Schedule 8A to the Finance Act 1989 (c. 26);

(c)

sub-paragraph (1A) treated as inserted in paragraph 1B of that Schedule; and

(d)

sub-paragraph (6A) treated as inserted in paragraph 2 of that Schedule;

so as to apply to Treaty firms, within the meaning of paragraph 1 of Schedule 4 to the Financial Services and Markets Act 2000 (FISMA) the same treatment as applies under the provisions listed in paragraphs (a) to (d) to EEA firms within the meaning of Schedule 3 to FISMA. Such Treaty firms are those which do not have an EEA right within the meaning of Schedule 4 to FISMA but are authorised persons for the purposes of that Act as a result of applying for an authorisation under paragraph 2 of Schedule 4 to FISMA and whose home state authorisation is to carry on the business of effecting contracts of insurance as principal or the activity of carrying out such a contract as principal or both.

These Regulations do not impose new costs on business.