The Social Security and Pensions (Financial Services and Markets Act 2000) (Consequential Amendments) Regulations (Northern Ireland) 2003

Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations

6.  In regulation 2 of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations (Northern Ireland) 1996(1) (interpretation) –

(a) in paragraph (1) –

(i) after the definition of “independently selected” there shall be inserted the following definition –

““insurer” means –

(a)

a person who has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act (EEA passport rights) which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;”;

(ii) in the definition of “relevant wholly insured scheme”(2) for “an insurance company (as defined in section 96(1) of the Insurance Companies Act 1982)” there shall be substituted “an insurer”;

(b) after paragraph (1) there shall be inserted the following paragraph –

“(1A) In paragraph (1) the definition of “insurer” shall be read with –

(a) section 22 of the Financial Services and Markets Act 2000 (regulated activities);

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.”.

(1)

S.R. 1996 No. 431; relevant amending regulations are S.R. 1997 No. 160

(2)

Definition of “relevant wholly insured scheme” was inserted by paragraph 4(2)(d) of the Schedule to S.R. 1997 No. 160