Business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom
- Complete certificates for overseas life assurance business within 3 months
UK Statutory Instrument
1995
United Kingdom
The Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995
At a glance
What's here
12 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
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 contracts made before 1st January 1996
- Complete certificate and declaration for pre-1996 overseas life assurance business
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 contracts made on or after 1st January 1996
- Obtain policyholder documents to classify overseas life assurance business
Certain business other than reinsurance business where the company comes into possession of additional information
- Obtain prescribed documents from policyholder within six months of learning of ownership change
Reinsurance of business effected by a company resident in the United Kingdom outside the United Kingdom
- Obtain certificate and undertaking from cedant for overseas life assurance reinsurance
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
- Obtain reinsurance certificate and undertaking from cedant company
Certain reinsurance business where the company comes into possession of additional information
- Obtain certificate and undertaking from cedant when policyholder changes
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
- Obtain residency certificates from trustees or policyholders within 6 months of a specified event
Reclassification of policy or contract from date when it was effected
- Reclassify improperly treated policies as basic life assurance business from inception
Reclassification of policy or contract from date after it was effected
- Reclassify policies wrongly treated as overseas life assurance
Charge to tax where no certificate under regulation 17
- Pay corporation tax on overseas life assurance policy gains when no certificate is obtained
Records to be kept and transfers of records
- Keep detailed records for each overseas life assurance policy
Browse 11 other sections — procedural / definitional / commencement
Citation, commencement and effect
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Meaning of specified event
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General
Business other than reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom
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
Reinsurance business effected by a company resident in the United Kingdom outside the United Kingdom
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
Information to be provided to the Board
Inspection of records
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