The Insurance Companies (Amendment) Regulations 1993
These regulations make amendments to the Insurance Companies Act 1982 (“the 1982 Act”), the Financial Services Act 1986 (“the 1986 Act”), the Insurance Companies (Amendment) Regulations 1992 (“the 1992 Regulations”) and the Contracts (Applicable Law) Act 1990. The purpose of these amendments is to implement Council Directive 90/619/EEC (O.J. No. L330, 29.11.90, p.50) relating to life insurance. Council Directive 79/267/EEC (O.J. No. L63, 13.3.79, p.1) created a supervisory regime for direct life “establishment” business (ie life insurance business carried on by insurers through an establishment in a member State). Directive 90/619/EEC introduces changes to that regime, and makes new provision for the regulation of insurers who provide direct life insurance to cover commitments in a member State on a “services” basis, ie otherwise than through an establishment in that State. These regulations also limit the application of section 183 of the 1986 Act (reciprocal facilities for financial business).