The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2000

Amendments to regulation 19

19.—(1) Amend regulation 19(1) as follows.

(2) In paragraph (1)(a) after “section 431D(5) applies” insert “, or the business is of a description falling within the circumstances set out in regulation 5 of the Excluded Business Regulations,”.

(3) In paragraph (1)(e) for “that any of the requirements” to end substitute

• “that—

  (a)

  any of the requirements of section 431D (other than those relating to where the policy holder is residing) was not fulfilled (notwithstanding its possession of any certificate, declaration or other document), or

  (b)

  the business was excluded business.”

(4) In paragraph (3) for “paragraph (3A)” substitute “paragraphs (3A) and (3B)”.

(5) After paragraph (3A) insert—

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

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

(b) the policy or contract fell within the description set out in regulation 7(c) of the Excluded Business Regulations when it was made or transferred, or the underlying policy fell within that description when it was made,

(c) the case falls within paragraph (1)(e) above by reason of the fact that, at some time that is more than three years after the date on which the policy or contract was made or transferred, or the underlying policy was made, 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 regulation 2 of the Excluded Business Regulations, became a not insignificant number (“the relevant number”) for the purposes of regulation 7(c) of those Regulations, 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.”

(6) In paragraph (5)(b) for “14(5), 15(5) or 16(5)” substitute “14(5), 14A(5), 15(5), 16(5) or 16A(5),”.

(1)

Relevantly amended by S.I. 1999/2839, regulation 21(2)(c), (3) and (4).