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