Statutory Instruments
2004 No. 453
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2004
Made
25th February 2004
Laid before Parliament
25th February 2004
Coming into force in accordance with regulation 1(2)
Citation, commencement and interpretation
1. —(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2004.
(2) These Regulations come into force—
(a) for the purposes of regulation 2(3), on 31st October 2004;
(b) for all other purposes, two months after the date on which they are made.
(3) In these Regulations “the principal Regulations” means the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 ( 3 ).
Amendment of regulation 1(2) of the principal Regulations
2. —(1) Regulation 1(2) of the principal Regulations is amended as follows.
(2) In the definitions of “buy”, “sell” etc. , for “contract of general insurance”( 4 ) substitute “qualifying contract of insurance”.
(3) Immediately before the definition of “other counterparties”, insert—
“ “contract of long-term care insurance” means a contract of insurance in respect of which the following conditions are met—
the purpose (or one of the purposes) of the policy is to protect the policyholder against the risk of becoming unable to live independently without assistance in consequence of a deterioration of mental or physical health, injury, sickness or other infirmity;
benefits under the contract are payable in respect of—
services,
accommodation, or
goods,
which are (or which is) necessary or desirable due to a deterioration of mental or physical health, injury, sickness or other infirmity;
the contract is expressed to be in effect until the death of the policyholder (except that the contract may give the policyholder the option to surrender the policy); and
the benefits under the contract are capable of being paid throughout the life of the policyholder; ” .
Amendment of regulation 2(1) of the principal Regulations
3. —(1) Regulation 2(1)(aa)( 5 ) of the principal Regulations is amended as follows.
(2) For “a contract of general insurance” substitute—
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“ a contract of insurance which is not a qualifying contract of insurance or a contract of long-term care insurance ” .
(3) Regulation 2(1)(ac)( 6 ) of the principal Regulations is amended as follows.
(4) Omit the words, “, where the activity relates to a contract of general insurance”.
Nick Ainger
Joan Ryan
Two of the Lords Commissioners of Her Majesty’s Treasury
25th February 2004