SCHEDULE 3Amendments to other primary legislation

Amendments to the Companies ActsI12

1

Section 843 of the Companies Act 200618 (realised profits and losses of long term insurance business) is amended as follows—

a

in subsection (1) after “authorised insurance company” insert “, other than an insurance special purpose vehicle,”;

b

after subsection (7) insert—

8

In this section “insurance special purpose vehicle” means a special purpose vehicle within the meaning of Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.

2

Until the coming into force of section 843 of the Companies Act 2006, section 268 of the Companies Act 198519 (realised profits of authorised insurance company with long term business) has effect as if—

a

in subsection (1)20 after “authorised insurance company” there were inserted “, other than an insurance special purpose vehicle,”; and

b

in subsection (3)21 after paragraph (a) there were inserted—

aa

“insurance special purpose vehicle” means a special purpose vehicle within the meaning of Article 2.1(p) of Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC.