The Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009

JurisdictionUK Non-devolved
CitationSI 2009/3075

2009No. 3075

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009

23rdNovember2009

24thNovember2009

17thDecember2009

The Treasury, in exercise of the powers conferred by sections 424(3), 417(1) 1 and 428(3) of the Financial Services and Markets Act 2000 2, make the following Regulations:

Citation, commencement and interpretation

1.-

(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 and come into force on 17th December 2009.

(2) In these Regulations-

"the 2001 Regulations" means the Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001 3;

"the Rome I Regulation" means Regulation (EC) No. 593/2008 of the European Parliament and of the Council of 17th June 2008 on the law applicable to contractual obligations (Rome I) 4.

(3) Expressions used in regulations 4 and 5 and in the Rome I Regulation have the same meaning as in the Rome I Regulation unless the context requires otherwise.

Limited application of the 2001 Regulations

2.-

(1) After regulation 3(1) of the 2001 Regulations insert-

(1A) These Regulations do not apply to contracts of insurance entered into on or after 17th December 2009..

(2) In regulation 3(2) of the 2001 Regulations, after the words "friendly societies" insert "before 17th December 2009".

Application of the Rome I Regulation: conflicts falling within Article 22(2)

3.Notwithstanding Article 22(2) of the Rome I Regulation, Article 7 of that Regulation applies in the case of conflicts between-

(a) the laws of different parts of the United Kingdom, or(b) the laws of one or more parts of the United Kingdom and Gibraltar,

in relation to contracts of insurance described in Article 7 of the Rome I Regulation as it applies in the case of conflicts between the laws of different countries.

Contracts of insurance of risks other than large risks: greater freedom of choice of law

4.Where, in the case of a contract of insurance to which Article 7(3) of the Rome I Regulation applies, the law referred to in sub-paragraph (a) or (b) of that Article, or one of the laws referred to in sub-paragraph (e) of that Article, is a law of any part of the United Kingdom, the parties to that contract may also choose as the law applicable to the contract-

(a) the law of another country; or(b) the law of another part...

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