Citation and commencement

1. These Regulations may be cited as the Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2004 and shall come into force on 31st December 2004.

Amendment of the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995

2.The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995( 2 ) are amended as follows.

Amendment of regulation 2

3. —(1) Amend regulation 2( 3 ) (interpretation) as follows.

(2) After the definition of “company tax return” insert—

“ “the Consolidated Life Assurance Directive” means the Directive of the European Parliament and of the Council of 5 ^th November 2002 concerning life assurance ( 2002/83/ EC ) ( 4 ) ; ” .

Amendment of regulation 5

4. —(1) Amend regulation 5 (business other than reinsurance, effected by a company resident in the United Kingdom) as follows.

(2) After paragraph (1A)( 5 ) insert—

“ (1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business is with a policy holder not residing in the United Kingdom,

(c) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom at or through a branch outside the United Kingdom, and

(d) to the best of the company’s knowledge and belief the policy or contract is not for excluded business. ” .

(3) In paragraph (2)( 6 ) for “and (1A)” substitute “to (1B)”.

(4) In paragraph (6)(a)( 7 ) after “ (1A)” insert “or (1B)”.

(5) In paragraph (8)( 8 ) after “(1A)” insert “or (1B)”.

Amendment of regulation 7

5. —(1) Amend 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 contracts made on or after 1 ^st January 1996) as follows.

(2) After paragraph (1A)( 9 ) insert—

“ (1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business has not been treated by the transferor as relating to overseas life assurance business;

(c) that business is with a policy holder who is an individual not residing in the United Kingdom and either—

(i) is a British citizen, or

(ii) is a person in respect of whose business the company has treated this regulation as applying, and

(d) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom otherwise than at or through a branch outside the United Kingdom, or by an overseas life insurance company. ” .

(3) In paragraph (4)( 10 ) after “paragraph (1A)” insert “or (1B)”.

Amendment of regulation 7A

6. —(1) Amend regulation 7A( 11 ) (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) as follows.

(2) After paragraph (2) insert—

“ (2A) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 relevant business which is neither reinsurance business nor term assurance business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business has not been treated by the transferor as relating to overseas life assurance business;

(c) that business is with a policy holder not residing in the United Kingdom who—

(i) is not an individual, or

(ii) if an individual is not one falling within regulation 7(1)(b)(i) or (ii), and

(d) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom otherwise than at or through a branch outside the United Kingdom, or by an overseas life insurance company. ” .

(3) In paragraph (4)(e) after “paragraph (2)” insert “or (2A)”.

(4) In paragraph (7) after “paragraph (2)” insert “or (2A)”.

(5) In paragraph (9) after “paragraph (2)” insert “or (2A)”.

Amendment of regulation 8

7. —(1) Amend regulation 8 (certain business other than reinsurance business where the company comes into possession of additional information) as follows.

(2) After paragraph (1A)( 12 ) insert—

“ (1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 relevant business which is neither reinsurance business nor term assurance business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business was entered into with a policy holder referred to in regulation 7(1)(b);

(c) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom otherwise than at or through a branch outside the United Kingdom, or by an overseas life insurance company, and

(d) the insurance company to whom the business is transferred comes to be in possession of information making it reasonable for the company to assume either—

(i) that there has been a change in the identity of the policy holder and the new policy holder is a person referred to in regulation 7(1)(b), or

(ii) that the policy holder (being a person referred to in regulation 7(1)(b)) has ceased to be entitled to the rights conferred by the policy or contract. ” .

Amendment of regulation 13

8. —(1) Amend regulation 13 (business other than reinsurance business effected by a company resident in the United Kingdom) as follows.

(2) In paragraph (1)(a) for “paragraph (1) or (1A)” substitute “paragraph (1), (1A) or (1B)”

(3) After paragraph (1A)( 13 ) insert—

“ (1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 relevant business which is neither reinsurance business nor term assurance business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive, and

(c) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom at or through a branch or agency outside the United Kingdom. ” .

Amendment of regulation 14

9. —(1) Amend regulation 14 (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) as follows.

(2) After paragraph (1A)( 14 ) insert—

“ (1B) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business has not been treated by the transferor as relating to overseas life assurance business,

(c) that business is, immediately after the transfer, carried on by an insurance company resident in the United Kingdom at or through a branch outside the United Kingdom, or by an overseas life insurance company; and

(d) that business is with a policy holder referred to in regulation 7(1)(b). ” .

(3) In paragraph (2)( 15 ) after “paragraph (1A)” insert “or (1B)”.

Amendment of regulation14A

10. —(1) Amend regulation 14A( 16 ) (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) as follows.

(2) After paragraph (2) insert—

“ (2A) This regulation also applies in circumstances where—

(a) on or after 19th December 2002 relevant business which is neither reinsurance business nor term assurance business is transferred to an insurance company in accordance with an authorisation granted outside the United Kingdom for the purposes of Article 14 or 53(2) of the Consolidated Life Assurance Directive,

(b) that business has not been treated by the transferor as relating to overseas life assurance business;

(c) that business is with a policy holder not residing in the United Kingdom who—

(i) is not an individual, or

(ii) if an individual is not one falling within regulation 7(1)(b)(i) or (ii), and

(d) that business is, immediately after the transfer carried on by an insurance company resident in the United Kingdom otherwise than at or through a branch outside the United Kingdom, or by an overseas life insurance company. ” .

(3) In paragraph (3)( 17 ) after “paragraph (2)” insert “or paragraph (2A)”.

Amendment of regulation 18A

11. —(1) Amend regulation 18A (reclassification of policy or contract as relating to overseas life assurance business from date when made or transferred) as follows.

(2) In paragraph (1)(a)( 18 ) for “or (1A)” substitute “, (1A) or (1B)”.