Regulation 2 Amendment of the Pension Protection Fund (Entry Rules) Regulations 2005

after the definition of “the Authority”, insert—

• ““EEA credit institution” means a credit institution, authorised under Directive 2006/48/EC of the European Parliament and of the Council dated 14th June 2006 relating to the taking up and pursuit of the business of credit institutions, which has its relevant office in an EEA state other than the United Kingdom;

• “EEA insurer” means an undertaking, other than a UK insurer, pursuing the activity of direct insurance (within the meaning of Article 2 of the life insurance directive or Article 1 of the first non-life insurance directive) which has received authorisation under Article 4 of the life insurance directive or Article 6 of the first non-life insurance directive from its home state regulator;

• “EEA regulator” means a competent authority (within the meaning of Article 1(1) of the life insurance directive or Article 1(k) of the third non-life insurance directive) of an EEA state;

• “the first non-life insurance directive” means Council Directive 73/239/EEC of 24th July 1973 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance;

• “home state regulator” means the relevant EEA regulator in the EEA state where its head office is located;”;

after the definition of “the Insolvency Rules”, insert—

• ““the life insurance directive” means Directive 2002/83/EC of the European Parliament and of the Council dated 5th November 2002 concerning life assurance;”;

after the definition of “public body”, insert—

• ““relevant office” means—

  1. (a)

     in relation to a body corporate, its registered office or, if it has no registered office, its head office;

  2. (b)

     in relation to a person other than a body corporate, the person’s head office;”; and

after the definition of “tax registered scheme”, insert—

• ““the third non-life insurance directive” means Council Directive 92/49/EEC of 18th June 1992 on the co-ordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC;

• “UK insurer” means a person who has permission under Part 4 of the FSMA to effect or carry out contracts of insurance, but does not include a person who, in accordance with that permission, carries on that activity exclusively in relation to reinsurance contracts.”.

in paragraph (1), after “regulation 7” insert “or 7A”;

in paragraph (3)(a), after “is a company” insert “, an EEA credit institution or an EEA insurer”; and

in paragraph (3)(c), after “is a partnership” insert “but is not an EEA credit institution or an EEA insurer”.

in sub-paragraph (a), for “an active member” substitute “a member”; and

in sub-paragraph (b), for “death in service benefit” substitute “death benefit or a contribution refund (within the meaning of section 101AB(4) of the 1993 Act^f5)”.