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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 2007 No. 2088 URL: http://www.bailii.org/uk/legis/num_reg/2007/20072088.html

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(a) insert the following definitions in the appropriate places—

" "child trust fund business" has the meaning given by section 431BA[6];", and

"excepted business" means pension business, individual savings account business, child trust fund business, life reinsurance business and long-term business which is not life assurance business;";

(b) for the definition of "individual savings account business" substitute—

" "individual savings account business" has the meaning given by section 431BB;";

(c) for the definition of "relevant business" substitute—

" "relevant business" means—
(a) in the case of an overseas life insurance company, life assurance business carried on through a permanent establishment in the United Kingdom which is not excepted business, and

(b) in any other case, life assurance business which is not excepted business;";



(d) in the definition of "relevant policy", omit ", or any underlying policy,"; and

(e) omit the definition of "underlying policy".

    (3) In paragraph (3), omit "9, 10".

Insertion of regulation 3B
     4. After regulation 3A[7] (exclusion of business of friendly society which is exempt from tax) insert—

" Exclusion of tax exempt life assurance business
     3B. These Regulations do not apply to any business of an insurance company the profits arising from which are exempt from corporation tax by virtue of section 460(11) or (12) of the Income and Corporation Taxes Act 1988[8]."

Amendment of regulation 4
     5. In regulation 4 (business which is overseas life assurance business: general), for "11" substitute "8".

Amendment of regulations 5, 7, 7A and 8
     6. In the following places, for "branch" substitute "permanent establishment"—

(a) regulation 5 (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom)[9] (wherever occurring),

(b) 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 contacts made on or after 1st January 1996)[10] (wherever occurring except in paragraph (1A)),

(c) regulation 7A (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)[11] (wherever occurring except in paragraph (2)), and

(d) regulation 8 (certain business other than reinsurance business where the company comes into possession of additional information)[12] (wherever occurring except in paragraph (1A)).

Omission of regulations 9, 10, 10A and 11
     7. Omit—

(a) regulation 9 (reinsurance of business effected by a company resident in the United Kingdom outside the United Kingdom)[13],

(b) regulation 10 (reinsurance of business effected either by a company resident in the United Kingdom otherwise than outside the United Kingdom or by an overseas life insurance company)[14],

(c) regulation 10A (reinsurance of 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)[15], and

(d) regulation 11 (classification of certain categories of reinsurance business as overseas life assurance business)[16].

Amendment of regulation 12
     8. In regulation 12[17] (territories in which policy holders residing: general), for "16A" substitute "14A".

Amendment of regulations 13, 14 and 14A
     9. For "branch" substitute "permanent establishment"—

(a) in regulation 13 (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom)[18] (wherever occurring except in paragraph (1A)),

(b) in regulation 14 (business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom or by an overseas life insurance company)[19] (wherever occurring except in paragraph (1A)), and

(c) in 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)[20] (wherever occurring except in paragraph (2)).

Omission of regulations 15, 16 and 16A
     10. Omit—

(a) regulation 15 (reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom)[21],

(b) regulation 16 (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)[22], and

(c) regulation 16A (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)[23].

Amendment of regulation 18
     11. —(1) Regulation 18[24] (reclassification of policy or contract from date when it was effected) is amended as follows.

    (2) In paragraph (1)—

(a) omit sub-paragraphs (aa), (b), (ba) and (d), and

(b) in sub-paragraph (e)—


(i) for "policy, contract or underlying policy" substitute "policy or contract",

(ii) omit "or the relevant business in relation to that underlying policy was entered into",

(iii) renumber paragraph (a) as paragraph (i), and

(iv) renumber paragraph (b) as paragraph (ii).

    (3) Omit paragraph (2).

    (4) For paragraph (3), substitute—

    " (3) The company shall treat the policy or contract as relating to basic life assurance and general annuity business from the date the policy or contract was made or transferred."

Amendment of regulation 19
     12. —(1) Regulation 19[25] (reclassification of policy or contract from date after it was effected) is amended as follows.

    (2) In paragraph (1)—

(a) omit sub-paragraphs (b) and (d), and

(b) in sub-paragraph (e)—


(i) for "policy, contract or underlying policy" substitute "policy or contract",

(ii) omit "or the relevant business in relation to that underlying policy was entered into",

(iii) renumber paragraph (a) as paragraph (i), and

(iv) renumber paragraph (b) as paragraph (ii).

    (3) Omit paragraph (2).

    (4) For paragraph (3), substitute—

    " (3) Subject to paragraphs (3A) and (3B) below, the company shall treat the policy or contract as relating to basic life assurance and general annuity business from the end of the accounting period in which the relevant date falls."

Mike Eland

Dave Hartnett
Two of the Commissioners for Her Majesty's Revenue and Customs

20th July 2007

[2] 1995 c. 4.back

[3] The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty's Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50 of that Act provides that in so far as it is appropriate in consequence of section 5 a reference in an enactment, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty's Revenue and Customs.back

[4] S.I. 1995/3237, amended by S.I. 1997/481, 1998/1872, 1999/2839, 2000/2104, 2001/3629, 2004/2200 and 2004/3273.back

[5] Regulation 2 was relevantly amended by S.I. 1998/1872, regulation 3(3) of S.I. 1999/2839, regulation 3(3) of S.I. 2000/2104 and regulation 12 of S.I. 2004/2200.back

[6] Section 431BA, together with section 431BB, was inserted by paragraph 8 of Schedule 7 to the Finance Act 2007 (c. 11).back

[7] Regulation 3A was inserted by S.I. 1997/481.back

[8] Section 460(11) was amended by paragraph 5(5) of Schedule 9 to the Finance (No. 2) Act 1992 (c. 48), article 32(4) of S.I. 2001/3629 and paragraph 1(3) of Schedule 12 to the Finance Act 2007. Section 460(12) was substituted by paragraph 1(4) of Schedule 12 to the Finance Act 2007.back

[9] Regulation 5 was amended by regulation 5 of S.I. 1999/2839, regulation 4 of S.I. 2000/2104, article 142(b) of S.I. 2001/3629 and regulation 4 of S.I. 2004/3273.back

[10] Regulation 7 was amended by regulation 6 of S.I. 1999/2839, regulation 5 of S.I. 2000/2104, article 142(c) of S.I. 2001/3629 and regulation 5 of S.I. 2004/3273.back

[11] Regulation 7A was inserted by regulation 7 of S.I. 1999/2839 and amended by regulation 6 of S.I. 2000/2104, article 142(d) of S.I. 2001/3269 and regulation 6 of S.I. 2004/3273.back

[12] Regulation 8 was amended by regulation 8 of S.I. 1999/2839, regulation 7 of S.I. 2000/2104, article 142(e) of S.I. 2001/3269 and regulation 7 of S.I. 2004/3273.back

[13] Regulation 9 was amended by regulation 9 of S.I. 1999/2839 and regulation 8 of S.I. 2000/2104.back

[14] Regulation 10 was amended by regulation 10 of S.I. 1999/2839 and regulation 9 of S.I. 2000/2104.back

[15] Regulation 10A was inserted by regulation 11 of S.I. 1999/2839 and amended by regulation 10 of S.I. 2000/2104.back

[16] Regulation 11 was amended by regulation 12 of S.I. 1999/2839 and regulation 11 of S.I. 2000/2104.back

[17] Regulation 12 was amended by regulation 12 of S.I. 2002/2104.back

[18] Regulation 13 was amended by regulation 13 of S.I. 1999/2839, article 142(f) of S.I. 2001/3629 and regulation 8 of S.I. 2004/3273.back

[19] Regulation 14 was amended by regulation 14 of S.I. 1999/2839 and regulation 13 of S.I. 2002/2104, article 142(g) of S.I. 2001/3629 and regulation 9 of S.I. 2004/3273.back

[20] Regulation 14A was inserted by regulation 15 of S.I. 1999/2839 and amended by regulation 14 of S.I. 2000/2104, article 142(h) of 2001/3629 and regulation 10 of 2004/3273.back

[21] Regulation 15 was amended by regulation 16 of S.I. 1999/2839.back

[22] Regulation 16 was amended by regulation 17 of S.I. 1999/2839 and regulation 15 of S.I. 2000/2104.back

[23] Regulation 16A was amended by regulation 18 of S.I. 1999/2839 and regulation 16 of S.I. 2000/2104.back

[24] Regulation 18 was amended by regulation 19 of S.I. 1999/2839 and regulation 17 of S.I. 2000/2104.back

[25] Regulation 19 was amended by regulation 21 of S.I. 1999/2839 and regulation 19 of S.I. 2000/2104.back

 © Crown copyright 2007