Section 35 — Contracts of insurance etc
This version in force from 2022-06-06
Snapshot: 2026-08-24
Reproduced from legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). Amendments made after 2026-08-24 may not be reflected — always check the official text .
(1) A transaction under which a person acquires an item in pursuance of an existing contract of insurance is not a purchase or sale of the item for the purposes of this Act.
(2) A transaction under which an item—
(a) is acquired by a regulated insurer acting in the course of the insurer's business as such, or
(b) is acquired, in pursuance of a regulated insurance contract, by a person who is or was an insured person in relation to the item under that contract,
is not a purchase or sale of the item for the purposes of this Act.
(3) In this section—“existing contract of insurance” means a contract of insurance entered into before the day on which section 1 comes into force; “insurance” includes reinsurance; “regulated insurance contract” means a contract of insurance effected or carried out by a regulated insurer; “regulated insurer” means a person who has permission to effect or carry out contracts of insurance under Part 4A of the Financial Services and Markets Act 2000.