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5.—(1) Section 96 (demutualisation of insurance companies) of the Finance Act 1997 is amended as follows.
(2) In subsection (7)(b) for sub-paragraph (i)(1) there is substituted—
“(i)Article 14 of the life assurance consolidation directive, or”.
(3) In subsection (8)(2)—
(a)before the definition of “contract of insurance” insert—
““the life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance;”; and
(b)the definition of “the third life insurance directive” is omitted.
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