The Insurance Companies (Amendment) Regulations 1992

Professional indemnity and compensation

12.—(1) In section 87(1) of the Solicitors Act 1974(1) (general interpretation), omit the definitions of “liability insurance business” and “pecuniary loss insurance business” and for the definition of “authorised insurers” substitute—

““authorised insurer” means a person who—

(a)

is permitted under the Insurance Companies Act 1982 to carry on insurance business of class 13 in Schedule 2 to that Act or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of a corresponding class; or

(b)

is permitted under the Insurance Companies Act 1982 to carry on insurance business of classes 1, 2, 14, 15, 16 and 17 in that Schedule or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of corresponding classes.”.

(2) In subsection (1)(b) and (c) of section 44 of the Solicitors (Scotland) Act 1980(2) (professional indemnity: interpretation), for the words “any person permitted under the Insurance Companies Act 1974 to carry on liability insurance business or pecuniary loss insurance business” substitute the words “an authorised insurer”.

(3) In subsection (5) of that section, after the words “In this section” insert—

““authorised insurer” means a person who—

(a)

is permitted under the Insurance Companies Act 1982 to carry on insurance business of class 13 in Schedule 2 to that Act or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of a corresponding class; or

(b)

is permitted under the Insurance Companies Act 1982 to carry on insurance business of classes 1, 2, 14, 15, 16 and 17 in that Schedule or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of corresponding classes;”.

(4) For subsection (5) of section 21 of the Administration of Justice Act 1985(3) (professional indemnity and compensation: interpretation) substitute—

“(5) In subsection (3) “authorised insurer” means a person who—

(a) is permitted under the Insurance Companies Act 1982 to carry on insurance business of class 13 in Schedule 2 to that Act or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of a corresponding class; or

(b) is permitted under the Insurance Companies Act 1982 to carry on insurance business of classes 1, 2, 14, 15, 16 and 17 in that Schedule or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of corresponding classes.”.

(1)

1974 c. 47; section 87(1) was amended by the Insurance Companies Act 1981, section 36(1) and Schedule 4, Part II, paragraph 23, and by the Insurance Companies Act 1982, section 99(2) and Schedule 5, paragraph 15.

(2)

1980 c. 46; section 44(5) was amended by the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c. 73), section 56 and Schedule 1, Part I, paragraph 22.

(3)

1985 c. 61.