EEA mutual society
19. (1) A mutual insurer is an EEA mutual society for the purposes of section 3 of the 2007 Act (transfers to subsidiaries of other mutuals).
(2) A mutual insurer is a body corporate which—
(a)is a cooperative or mutual undertaking;
(b)is established or operates in accordance with the laws of an EEA state or any of the Channel Islands or the Isle of Man;
(c)has no share capital;
(d)is not a wholly-owned subsidiary within the meaning of section 1159(2) of the Companies Act 2006(1); and
(e)is an insurer.
(3) In paragraph (2) “insurer” means—
(a)an undertaking authorised under Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive, or
(b)an undertaking which—
(i)is incorporated in any of the Channel Islands or the Isle of Man, and
(ii)would satisfy the requirements for authorisation under either of the directives mentioned in sub-paragraph (a) if it had its registered office (or if it does not have a registered office, its head office) in an EEA state.
(4) In paragraph (3)—
“the first non-life insurance directive” means First Council Directive 73/239/EEC on the coordination of laws, Regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance(2);