The Insurance Companies (Amendment) Regulations 1988

• Citation: S.I. 1988/673
• Sections: 2

Section 1

(1) These Regulations may be cited as the Insurance Companies (Amendment) Regulations 1988 and shall come into operation on the date when section 3 of the Financial Services Act 1986 comes into operation.

(2) The Insurance Companies Regulations 1981 (“the principal Regulations”) shall have effect subject to the amendments set out in these Regulations.

Section 2

(1) In regulation 37(1) of the principal Regulations for (a) of the definition of “listed” there shall be substituted the following:—

(a) that the investment is included in the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited; or

and in (b) of that definition there shall be substituted for the words “such a listing” the words “a listing in respect of that investment”.

(2) In regulation 37(1) of the principal Regulations in the definition of “traded option” there shall be substituted for the words “a recognised stock exchange within the meaning of the Companies Act 1948 or the Companies Act (Northern Ireland) 1960” the words “The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited”;

(3) In regulation 44(2) of the principal Regulations for the words “a recognised stock exchange within the meaning of the Companies Act 1948 or the Companies Act (Northern Ireland) 1960” there shall be substituted the words “The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited”.

(4) In regulation 45 of the principal Regulations there shall be substituted for the words “under a unit trust scheme authorised for the purposes of the Prevention of Fraud (Investments) Act 1958 or the Prevention of Fraud (Investments) Act (Northern Ireland) 1940” the words “under an authorised unit trust scheme within the meaning of the Financial Services Act 1986”.

(5) In paragraph 4 of schedule 13 to the principal Regulations for the words “the Prevention of Fraud (Investments) Act 1958 or the Prevention of Fraud (Investments) Act (Northern Ireland) 1940” there shall be substituted “the Financial Services Act 1986.”