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The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

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Administration of Justice Act 1985 (c. 61)

Meaning of “authorised insurer”

298.  For section 21(5)(1) of the Administration of Justice Act 1985 (professional indemnity and compensation: meaning of “authorised insurer”) substitute—

(5) “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)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

(c)a person who does not fall within sub-paragraph (i) or (ii) and who may lawfully effect or carry out contracts of insurance of a relevant class in a member State other than the United Kingdom.

(6) A contract of insurance is of a relevant class for the purposes of subsection (5) if it insures against a risk arising from—

(a)accident;

(b)credit;

(c)legal expenses;

(d)general liability to third parties;

(e)sickness;

(f)suretyship; or

(g)miscellaneous financial loss.

(7) Subsections (5) and (6) 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..

(1)

Section 21(5) was substituted by S.I. 1992/2890, regulation 12(4).

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