keep The Insurance Companies (Overseas Life Assurance Business) (Compliance) (Amendment) Regulations 1998
Amendment to the Insurance Companies (Overseas Life Assurance Business) (Compliance) Regulations 1995 that adds a definition of 'individual savings account business' by reference to the ISA (Insurance Companies) Regulations 1998, and modifies the definition of 'relevant business' to include individual savings account business alongside existing exclusions for pension business.
This is a definitional amendment that simply incorporates a new product category (ISAs, introduced in 1999) into existing compliance regulations. Deleting it would create a regulatory gap where ISA business would fall into an undefined category for overseas life assurance compliance purposes, potentially causing compliance uncertainty rather than reducing regulatory burden. The amendment imposes no new substantive requirements—it merely updates definitions to reflect a newly created savings product.