Mutuals’ Deferred Shares Act 2015

3 Definitions

(1) In this Act—

• “the appropriate authority” means—

  (a)

  in relation to a friendly society or mutual insurer which is authorised by the Prudential Regulation Authority, the Prudential Regulation Authority; and

  (b)

  in relation to a friendly society or mutual insurer which is not authorised by the Prudential Regulation Authority, the Financial Conduct Authority;

• “the Companies Acts” has the same meaning as in the Companies Act 2006;

• “friendly society” means a friendly society registered and incorporated under the Friendly Societies Act 1992;

• “modify” includes amend, repeal or revoke;

• “mutual insurer” means a body corporate that—

  (a)

  is a mutual undertaking that—

  (i)

  is neither a friendly society nor a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, and

  (ii)

  is of such description as the Treasury may specify by regulations,

  (b)

  has no share capital, and

  (c)

  has permission to effect or carry out contracts of insurance under Part 4A of the Financial Services and Markets Act 2000;

• “primary legislation” means—

  (a)

  an Act of Parliament,

  (b)

  an Act of the Scottish Parliament,

  (c)

  an Act or Measure of the National Assembly for Wales, or

  (d)

  Northern Ireland legislation.

(2) The power to make regulations conferred by paragraph (a)(ii) of the definition of “mutual insurer” is exercisable by statutory instrument.

(3) A statutory instrument containing them is subject to annulment in pursuance of a resolution of either House of Parliament.