105(1)Section 560 (transfer of insurance company business) is amended as follows.U.K.
(2)In subsection (1)(b)(ii), omit the words from “within” to the end.
(3)In subsection (5), after paragraph (d) insert—
“(e)qualifying overseas transfer” means so much of a transfer of the whole or any part of the business of an overseas life insurance company carried on through a permanent establishment in the United Kingdom as takes place in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 of the Council Directive of 5 November 2002 concerning life assurance (2002/83/EC).”