PART 2Insurance companies carrying on long-term business
CHAPTER 1Introductory
Meaning of contract of “insurance” or “long-term insurance” and “insurance company”
65Meaning of “insurance company”
(1)
This section defines for the purposes of this Part what is meant by an “insurance company”.
(2)
A person who carries on the activity of effecting or carrying out contracts of insurance is an “insurance company” if—
(a)
the person has permission under Part 4 of FISMA 2000 to carry on that activity,
F1(b)
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F2(c)
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(3)
The above definition is subject to the following qualifications—
(a)
a friendly society within the meaning of Part 3 is not an insurance company, and
(b)
an insurance special purpose vehicle (see section 139) is an insurance company only if, in addition to falling within subsection (2)(a), F3... it is a BLAGAB group re-insurer.
(4)
A person is a “BLAGAB group re-insurer” if for an accounting period—
(a)
the person carries on basic life assurance and general annuity business,
(b)
it is not the case that substantially all of the person's long-term business is long-term business other than basic life assurance and general annuity business, and
(c)
all of its life assurance business is re-insurance business of a description which is excluded business for the purposes of section 57(2)(e).