• “bank” means the Bank of England, a person (other than a building society) who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits or an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits;

1A

In this Act “authorised insurer” means—

a

a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance of a relevant class;

b

a person who carries on an insurance market activity, within the meaning of section 316(3) of that Act;

c

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance of a relevant class; or

d

a person who does not fall within paragraph (a), (b) or (c) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member state other than the United Kingdom.

1B

A contract of insurance is of a relevant class for the purposes of subsection (1A) if it insures against risks arising from—

a

accident;

b

credit;

c

legal expenses;

d

general liability to third parties;

e

sickness;

f

suretyship;

g

miscellaneous financial loss.

1C

The definition of “bank” in subsection (1) and subsections (1A) and (1B) must be read with—

a

section 22 of the Financial Services and Markets Act 2000;

b

any relevant order under that section; and

c

Schedule 2 to that Act.