The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2007

Amendment of regulations 5, 7, 7A and 8

6.  In the following places, for “branch” substitute “permanent establishment”—

(a) regulation 5 (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom)(1) (wherever occurring),

(b) regulation 7 (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company – policies or contacts made on or after 1st January 1996)(2) (wherever occurring except in paragraph (1A)),

(c) regulation 7A (business other than reinsurance business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company – policy holder not within regulation 7)(3) (wherever occurring except in paragraph (2)), and

(d) regulation 8 (certain business other than reinsurance business where the company comes into possession of additional information)(4) (wherever occurring except in paragraph (1A)).

(1)

Regulation 5 was amended by regulation 5 of S.I. 1999/2839, regulation 4 of S.I. 2000/2104, article 142(b) of S.I. 2001/3629 and regulation 4 of S.I. 2004/3273.

(2)

Regulation 7 was amended by regulation 6 of S.I. 1999/2839, regulation 5 of S.I. 2000/2104, article 142(c) of S.I. 2001/3629 and regulation 5 of S.I. 2004/3273.

(3)

Regulation 7A was inserted by regulation 7 of S.I. 1999/2839 and amended by regulation 6 of S.I. 2000/2104, article 142(d) of S.I. 2001/3269 and regulation 6 of S.I. 2004/3273.

(4)

Regulation 8 was amended by regulation 8 of S.I. 1999/2839, regulation 7 of S.I. 2000/2104, article 142(e) of S.I. 2001/3269 and regulation 7 of S.I. 2004/3273.