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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2016 - onwards
Version 3 of 3

Regulation 79 Pursuit of life and non-life insurance activity

(1) The Bank may authorise an insurance undertaking which is authorised to carry on life insurance activities to carry on non-life insurance activities in classes 1 and 2 in Part 1 of Schedule 1.

(2) If an insurance undertaking is so authorised the business of life insurance and the business of non-life insurance shall be managed separately in accordance with Regulation 80.

(3) An insurance undertaking authorised to carry on both life insurance and non-life insurance shall comply with the accounting rules governing life insurance for both.

(4) Activities relating to non-life insurance activities in classes 1 and 2 in Part 1 of Schedule 1 carried on by an insurance undertaking authorised to carry on both life insurance and non-life insurance shall be subject to the rules applicable to life insurance in the event of a winding up or reorganisation of the insurance undertaking.