Part I Restriction on Carrying on Insurance Business
Applications for authorisation
F16 Combination of long term and general business.
The F2Treasuryshall not under section 3 above authorise a body to carry on both long term business and general business unless—
(a)
the long term business is restricted to reinsurance; or
(b)
the body is at the time the authorisation is issued already lawfully carrying on in the United Kingdom, otherwise than under paragraph (c) below, both long term business and general business (in neither case restricted to reinsurance); or
(c)
in the case of a body which is a UK company, the general business is restricted to Group 1 of Part II to Schedule 2 to this Act (accident and health) or to any class or part of a class of insurance within that group.