9. In Article 53C of the Pensions Order (extinguishment of scheme’s liability for pensions appropriately secured by insurance policies or annuity contracts), in paragraph (4) (meaning of “appropriately secured”), for sub-paragraph (a) substitute the following sub-paragraph—
“(a)the insurance company with which it is or was taken out or entered into—
(i)is, or was at the relevant time, carrying on ordinary long-term insurance business in the United Kingdom or any other member State; and
(ii)satisfies, or satisfied at the relevant time, prescribed requirements; and”.