Finance Act 2020

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Insurance regulations

60. The Principal Act is amended—

(a) in section 470(1), in the definition of “authorised insurer”, by substituting the following for paragraph (b)(i):

“(i) any undertaking standing authorised under—

(I) the European Communities (Non-Life Insurance) Framework Regulations 1994 ( S.I. No. 359 of 1994 ), or

(II) the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations,

or”,

(b) in section 588(1), in the definition of “assurance company” by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

(c) in section 594(1)(c)(i), in the definition of “assurance company”, by substituting the following for clause (II):

“(II) a person that holds an authorisation—

(A) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), or

(B) under the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

(d) in section 706(1), in the definition of “assurance company”, by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

(e) in section 730D(2A)(b)(i)(II), by substituting the following for subclause (A):

“(A) the assurance company which commenced the life policy underwrites the business from the State on a freedom of services basis under Regulation 50 of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), Regulations 154 to 163 of the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or other equivalent arrangement in an EEA state, and”,

(f) in section 784A(1)(a), in paragraph (j) of the definition of “qualifying fund manager”—

(i) by substituting the following for subparagraph (i):

“(i) an authorisation under the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations, or”,

(ii) in subparagraph (ii), by substituting “in a Member State of the European Union (other than the State), Iceland, Liechtenstein or Norway in accordance with Article 14 of Directive 2009/138/EC³⁷ ” for “in a Member State other than the State in accordance with Article 6 of Directive No. 79/267/EEC”, and

(iii) by deleting subparagraph (iii),

(g) in section 891B(1), in the definition of “assurance company”, by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations;”,

and

(h) in section 902B(1), in the definition of “assurance company”, by substituting the following for paragraph (b):

“(b) a person that holds an authorisation—

(i) within the meaning of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ), or

(ii) under the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ), in respect of insurance of a class listed in Schedule 2 to those Regulations;”.

³⁷ OJ No. L335, 17.12.2009, p. 1