2(1)An insurance company to which section 22 of this Act applies shall not be an authorised person except by virtue of that section.
(2)If an insurance company to which Part II of the M1Insurance Companies Act 1982 applies but to which section 22 of this Act does not apply becomes an authorised person by virtue of any other provision of this Act it shall be an authorised person only as respects the management of the investments of any pension fund which is established solely for the benefit of the officers or employees and their dependants of that company or of any other body corporate in the same group as that company.
(3)An insurance company to which section 31 of this Act applies shall not, so long as it is an authorised person by virtue of that section, be an authorised person by virtue of any other provision of this Act.
[F1(3A)An insurance company–
(a)to which section 31 of this Act applies; and
(b)which has complied with the requirements of section 81B of the Insurance Companies Act 1982 (documents to be furnished to the Secretary of State) in relation to the provision of long term insurance in the United Kingdom,
shall be deemed to have complied with section 32 of this Act in relation to any investment business consisting in the covering of commitments for the time being mentioned in the statement given by it in accordance with subsection (1)(c) of the said section 81B.
(3B)In sub-paragraph (3A) above “commitment" and “provision of long term insurance" have respectively the same meanings as in the Insurance Companies Act 1982.]
(4)None of the provisions of Part I of this Act shall be construed as authorising any person to carry on insurance business in any case in which he could not lawfully do so apart from those provisions.
Textual Amendments
F1Sch. 10 para. 2(3A)(3B) inserted (20.5.1993) by S.I. 1993/174, reg.7.
Modifications etc. (not altering text)
C1Sch. 10 para. 2 amended (1.7.1994) by S.I. 1994/1696, reg. 63(2)
Marginal Citations