Regulation 15C Insurance and reinsurance servicesF1

(1)

A person (“P”) must not provide insurance or reinsurance services to a person falling within paragraph (2) if P knows, or has reasonable cause to suspect, that P is providing such services to such a person.

(2)

The following persons fall within this paragraph—

(a)

Belarus;

(b)

a Belarusian authority;

(c)

a person, other than an individual, which is wholly owned by Belarus or a Belarusian authority;

(d)

a person acting on behalf of or at the direction of a person within sub-paragraphs (a) to (c).

(3)

Paragraph (1) is subject to Part 6 (Exceptions and licences).

(4)

A person who contravenes the prohibition in paragraph (1) commits an offence.

(5)

Nothing in this regulation prohibits compliance with an insurance or reinsurance agreement concluded before the date on which the Amendment Regulations 2021 come into force.

(6)

For the purposes of this regulation—

(a)

“insurance and reinsurance services” include the provision of services relating to the extension or renewal of an insurance or reinsurance agreement, except where there is an obligation, which arose before the date on which the Amendment Regulations 2021 come into force, of the insurer or re-insurer to accept the extension or renewal;

(b)

paragraph (2)(d) does not include any person who is acting under a direction which is given in relation to a ship or aircraft for the purposes of docking, loading or unloading the ship or aircraft or for any purpose in connection with the safe transit of the ship or aircraft through Belarus or the airspace above it.

Annotations

Textual amendments

F1: Pt. 3 Ch. 2 inserted (14.10.2021 at noon) by The Republic of Belarus (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2021 (S.I. 2021/1146), regs. 1(2), 8