The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 1999

Amendments to the principal Regulations

21.—(1) Regulation 19 shall be amended as follows.

(2) In paragraph (1)—

(a) in sub-paragraph (c) for the words “or 14(5)” there shall be substituted “, 14(5) or 14A(6)”;

(b) in sub-paragraph (d) for the words “or 16(5)” there shall be substituted “, 16(5) or 16A(5)”;

(c) in sub-paragraph (e) after the word “made” there shall be inserted “or transferred”.

(3) In paragraph (3) there shall be inserted at the beginning “Subject to paragraph (3A) below,”.

(4) After paragraph (3) there shall be inserted—

“(3A) Paragraph (3) above shall not apply where—

(a) the case concerned falls within paragraph (1)(e) above,

(b) section 431D(7) applied to the policy or contract when it was made or transferred, or the underlying policy when it was made,

(c) the case falls within paragraph (1)(e) above by reason of the fact that, at some time that is—

(i) more than three years after the date on which the policy or contract was made or transferred, or the underlying policy was made, but

(ii) is not earlier than 8th November 1999,

the number of persons for or in respect of whom benefits were to be provided under the policy or contract, or the underlying policy, and who were not relevant overseas employees within the meaning of section 431D(8), became a not insignificant number (“the relevant number”) for the purposes of section 431D(7), and

(d) the relevant number has at no time exceeded the number which is equal to twenty per cent. of the total number of persons for or in respect of whom benefits are to be provided under the policy or contract or the underlying policy.”