Schedule 3, Part 1 Amendment of Insurance Act 1936

1.

Section 3

(a) Insert "(1)" before "In this Act";

(b) Insert the following subsection at the end of the section:

"(2) A financial contract within the meaning of the Netting of Financial Contracts Act 1995 is not, and is taken never to have been, a contract of insurance for the purposes of—

(a) the Insurance Acts 1909-2002, or

(b) regulations in force under those Acts, or

(c) regulations relating to insurance that are in force under the European Communities Act 1972.

However, this subsection does not have effect if the financial contract provides for any benefit that may accrue to a party to the contract to be conditional on the occurrence of a loss or detriment to which the party is required to be exposed under the contract.".

2.

Section 51 (as amended by item 17 of Part 2 of Schedule 1 to the Central Bank and Financial Services Aut