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Insurance Companies Act 1981

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15(1)Section 85 shall be amended as follows.

(2)In the definition of " chief executive " for the words " section 7 above " there shall be substituted the words " section 7 of the Insurance Companies Act 1981 ".

(3)For the definition of " contract of insurance " there shall be substituted—

  • ' contract of insurance' includes any contract the effecting of which constitutes the carrying on of insurance business by virtue of section 34 of the Insurance Companies Act 1981.

(4)In the definition of " controller" for the words " section 7 above" there shall be substituted the words " section 7 of the Insurance Companies Act 1981 ".

(5)In the definition of " general business " for the words " section 1(2) above " there shall be substituted the words " section 1 of the Insurance Companies Act 1981 ".

(6)In the definition of " long term business" for the words " section 1(2) above " there shall be substituted the words " section 1 of the Insurance Companies Act 1981 ".

(7)After the definition of " long term policy holder " there shall be inserted—

  • ' main agent ' has the meaning given in section 7 of the Insurance Companies Act 1981.

(8)In the definition of "manager" for the words "section 7 above" there shall be substituted the words " section 7 of the Insurance Companies Act 1981 ".

(9)After the definition of "manager" there shall be inserted—

  • ' margin of solvency ', 'United Kingdom margin of solvency' and ' Community margin of solvency' shall be construed in accordance with section 26A above.

(10)For the definition of " ordinary long-term insurance business " there shall be substituted—

  • ' ordinary long-term insurance business ' means long term business that is not industrial assurance business.

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