The Insurance Companies (Linked Contracts) (Amendment) Regulations 1991

• Citation: S.I. 1991/2511
• Sections: 3

Section 1

(1) These Regulations may be cited as the Insurance Companies (Linked Contracts) (Amendment) Regulations 1991 and shall come into force on 1st February 1992.

(2) The Insurance Companies Regulations 1981 shall have effect subject to the following amendments.

Section 2

In regulation 72 (linked contracts), after paragraph (6) insert the following paragraph-

(7) This regulation does not apply in relation to contracts linked to property of the description in paragraph 10A(b) of Schedule 13 to these Regulations entered into before 1st February 1992 save to the extent that responsibility as mentioned in that paragraph extends at least to acts or omissions after that date.

Section 3

In Schedule 13 (Permitted Links)–

(a) for paragraph 4 substitute the following new paragraph-

(4) Units in an authorised unit trust scheme or a recognised scheme within the meaning of section 207(1) of the Financial Services Act 1986 .

(b) after paragraph 10 insert the following new paragraph-

(10A) Units by whatever name called, in a real or notional fund (not being a scheme or undertaking of a kind mentioned in paragraph 4 above) which is limited to the descriptions of property mentioned above and which under the contract is to be managed either:–

(a) wholly by the insurer; or

(b) wholly or to any extent by another person being a person for whose acts and omissions in managing the fund the insurer assumes responsibility towards the policy holder as if they were the acts or omissions of the insurer, and otherwise (if at all) by the insurer.