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

Amendments to the principal Regulations

9.—(1) Regulation 9 shall be amended as follows.

(2) In paragraph (1)(a) after the words “relevant business” there shall be added “which is not term assurance business”.

(3) In paragraph (3) for the words from “that the cedant company” to the end there shall be substituted

• “that—

  (a)

  the underlying policy in relation to the business is not one in respect of which the cedant company has completed the certificate prescribed in regulation 5(4), or

  (b)

  in relation to an underlying policy which was made in an accounting period for which regulation 5(2) to (4) did not have effect, the cedant company had complied with the requirements of regulation 5(2) as it applied for that accounting period.”

(4) In paragraph (4)—

(a) sub-paragraph (a) and the word “or” immediately following it shall be omitted;

(b) in sub-paragraph (b) for the word “six” there shall be substituted “twelve”.

(5) In paragraph (5) for the words from “within” to the end there shall be substituted “before the date on which it makes its company tax return for the accounting period in which the reinsurance arrangement was made.”