Article 4 Amendments to section 632

After subsection (2) of section 632 there shall be inserted—

“(2ZA)

For the purposes of subsection (1)(aa) above an EC company—

(a)

lawfully carries on long term business in the United Kingdom if it does so through a branch in respect of which such of the requirements of Part I of Schedule 2F to the Insurance Companies Act 1982^f1 as are applicable have been complied with;

(b)

lawfully provides long term insurance in the United Kingdom if such of those requirements as are applicable have been complied with in respect of the insurance.”