247.—(1) Regulation 9 of the Teachers' Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (investment of contributions) is amended as follows.
(2) In paragraphs (1) and (2), for “insurance company” wherever it appears substitute “insurer”.
(3) For paragraph (3) substitute—
“(3) In this regulation “insurer” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or
(b)an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance.”.
(4) After paragraph (3) insert—
“(4) Paragraph (3) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section;
(c)Schedule 2 to that Act.”.