(1) Article 37 of the Credit Unions (Northern Ireland) Order 1985 (insurance against fraud or other dishonesty) is amended as follows.

(2) In paragraph (2), for sub-paragraph (d) substitute -

"(d) must be issued by -

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of insurance of a relevant class, or

(ii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect and carry out contracts of insurance of a relevant class.".

(3) After paragraph (2) insert -

"(2A) Sub-paragraph (d) of paragraph (2) must be read with -

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order made under that section; and

(c) Schedule 2 to that Act.".