The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2008

• Citation: S.I. 2008/2627
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2008 and shall come into force on 27th October 2008.

(2) These Regulations have effect in relation to policies or contracts assigned on or after the date on which these Regulations come into force.

Section 2 Amendments to the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995

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

(2) In paragraph (1) of regulation 2 (interpretation), in the definition of “the Board, for “of Inland Revenue” substitute “for Her Majesty’s Revenue and Customs”.

(3) For “section 540, 542 or 545” substitute “section 484 of the Income Tax (Trading and Other Income) Act 2005” in—

(a) paragraph (5)(b) of regulation 13 (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom),

(b) paragraph (5)(b) of 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), and

(c) paragraph (6)(b) of regulation 14A (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) .