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3. For regulation 71 of the principal Regulations (exemptions from regulation 70) substitute—
71. Section 75(1) of the Insurance Companies Act 1982 and regulation 70 above (which, in relation to EC contracts, when read with section 76 of that Act implement Article 15(1) of Council Directive 90/619/EEC(1) as amended by Article 30 of Council Directive 92/96/EEC(2)) shall not apply to—
(a)contracts where none of the proposers or policy holders is an individual;
(b)contracts of term assurance effected for periods of six months or less;
(c)contracts of reinsurance;
(d)contracts which insure a policy holder’s obligations to make payments under a personal credit agreement of the kind mentioned in section 8(1) of the Consumer Credit Act 1974(3) or a consumer hire agreement of the kind mentioned in section 15(1) of that Act(4) where the terms of that personal credit agreement or consumer hire agreement have been entered into on the understanding that the long-term contract will remain in force. ”.
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