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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
financial services and markets
19th November 2007
Laid before Parliament
19th November 2007
Coming into force
10th December 2007
The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972(1) in relation to:
(a)the authorisation of the carrying on of insurance business and the regulation of such business and its conduct(2);
(b)transfers of insurance contracts other than contracts of life insurance from one insurance undertaking to another(3);
(c)matters relating to the transfer of contracts of life assurance from one insurance undertaking to another(4);
(d)anything supplemental or incidental to matters in (a) to (c)(5); and
(e)the conduct of insurance business carried on by friendly societies and the authorisation and regulation of the carrying on of such business by friendly societies(6).
The Treasury make these Regulations in exercise of the powers conferred on them by section 2(2) of that Act:
1972 c.68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 c.51. By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183). For the decision of the EEA Joint Committee in relation to Directive 2005/68/EC, see Decision No 59/2006 O.J. No. L245 7.9.2006 p.5.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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