TITLE I U.K. GENERAL RULES ON THE TAKING-UP AND PURSUIT OF DIRECT INSURANCE AND REINSURANCE ACTIVITIES

CHAPTER I U.K. Subject matter, scope and definitions

Section 2 U.K. Exclusions from scope

Subsection 2 U.K. Non-life

Article 5 U.K. Operations

In regard to non-life insurance, this Directive shall not apply to the following operations:

(1)

capital redemption operations, as defined by the law in each Member State;

(2)

operations of provident and mutual benefit institutions whose benefits vary according to the resources available and in which the contributions of the members are determined on a flat-rate basis;

(3)

operations carried out by organisations not having a legal personality with the purpose of providing mutual cover for their members without there being any payment of premiums or constitution of technical reserves; or

(4)

export credit insurance operations for the account of or guaranteed by the State, or where the State is the insurer.