The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004

This sectionnoteType=Explanatory Memorandum has no associated

6.  (1)  The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 116 (effect of insurance business transfers authorised in other EEA states)—

(a)in subsection (2), for “Article 27 of the first life insurance directive” substitute “Article 51 of the life assurance consolidation directive”;

(b)in subsection (5)(a), for sub-paragraph (i) substitute—

(i)Article 14 of the life assurance consolidation directive; or; and

(c)in subsection (5)(b), for sub-paragraph (i) substitute—

(i)Article 53 of the life assurance consolidation directive; or.

(3) In subsection (1) of section 198 (power to apply to court for an injunction in respect of certain overseas insurance companies), for paragraph (b) substitute—

(b)Article 37.5 of the life assurance consolidation directive.

(4) In subsection (5) of section 405(1) (directions), for paragraph (d) substitute—

(d)Article 59(4) of the life assurance consolidation directive.

(5) In subsection (1)(a) of section 425(2) (expressions relating to authorisation elsewhere in the single market)—

(a)before ““EEA authorisation” insert “life assurance consolidation directive”,”.

(b)the words ““first life insurance directive”,” are omitted;

(6) In Schedule 3 (EEA passport rights)(3)—

(a)in paragraph 3—

(i)in sub-paragraph (1), for “first, second and third life insurance directives” substitute “life assurance consolidation directive”;

(ii)for sub-paragraphs (5), (6) and (7) substitute—

(8) “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)in paragraph 5(d)—

(i)for “Article 1 of the first life insurance directive or of the first non-life insurance directive” substitute “Article 2 of the life assurance consolidation directive or Article 1 of the first non-life insurance directive”.

(ii)for “Article 6” substitute “Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive”.

(7) In Schedule 12 (transfer schemes: certificates)—

(a)in paragraph 1—

(i)in sub-paragraph (2)(a), for “Article 6 of the first life insurance directive or” substitute “Article 4 of the life assurance consolidation directive or Article 6”;

(ii)in sub-paragraph (3)(a), for “Article 6 of the first life insurance directive” substitute “Article 4 of the life assurance consolidation directive”;

(b)in paragraph 10(3)—

(i)for “Article 27 of the first life insurance directive” substitute “Article 51 of the life assurance consolidation directive”;

(ii)for “Article 6 of either of those directives” substitute “Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive”; and

(c)in paragraph 10(4), for “Article 6 of the first life insurance directive or the first non-life insurance directive” substitute “Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive”.

(1)

There are amendments to section 405(5) that are not relevant to these Regulations.

(2)

Section 425(1)(a) was substituted by S.I. 2003/2066, regulation 2(1).

(3)

There are amendments to Schedule 3 that are not relevant to these Regulations.