The Insurance Companies Regulations 1981 (Amendment) Regulations 1991
The Regulations replace sub-paragraph (a) of Paragraph 1A of Schedule 13 to the Insurance Companies Regulations 1981 with a new sub-paragraph. The old sub-paragraph permitted the benefits payable under linked contracts to be determined by reference to securities of a company which could be dealt in on the Stock Exchange (otherwise than as listed securities) without prior permission for individual transactions from the Council of The Stock Exchange and without limit as to the time during which the facilities for dealing were available. The new sub-paragraph will permit benefits to be determined by reference to securities of a company in which dealings on the exchange are permitted by a recognised investment exchange for the purposes of the Financial Services Act 1986 or which are dealt in on a regulated market in another member State which has the characteristics described in regulation 2 of the Regulations.