(1) Section 96 (demutualisation of insurance companies) of the Finance Act 1997 is amended as follows.
(2) In subsection (7)(b) for sub-paragraph (i) [Paragraph (b) of section 96(7) was substituted by S.I. 2001/3629, articles 97 and 100(1) and (2).] there is substituted -
"(i) Article 14 of the life assurance consolidation directive, or".
(3) In subsection (8) [The definition of "third life assurance directive" was inserted by S.I. 2001/3629, articles 97 and 100(1) and (3)(c). There are other amendments to 96(8) but none is relevant.] -
(a) before the definition of "contract of insurance" insert -
""the life assurance consolidation directive" means Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance;"; and
(b) the definition of "the third life insurance directive" is omitted.