The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001

Insurance business carried on overseas before commencement

17.—(1) A person (“A”) who was, immediately before commencement—

(a) authorised under the Insurance Companies Act; and

(b) carrying on overseas insurance business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas insurance business.

(2) In this article—

• “corresponding overseas regulated activities” means regulated activities which—

  (a)

  A carries on after commencement by virtue of continuing to carry on his overseas insurance business; and

  (b)

  A is regarded as carrying on in the United Kingdom by virtue of section 418;

• “overseas insurance business” means business which constituted insurance business within the meaning of section 2 of the Insurance Companies Act and which A was carrying on in a country or territory outside the United Kingdom without contravening either paragraph 1 or 5 of Schedule 2G to that Act(1).

(1)

Schedule 2G was inserted by the 31D Regulations.