Legislation – Subsidy Control Act 2022
Changes to legislation:
Subsidy Control Act 2022, Section 26 is up to date with all changes known to be in force on or before 08 April 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Section 26:
- s. 26(1)(b) and word omitted by 2021 c. 22, Sch. 8 para. 20(3) (as inserted) by 2022 c. 23 s. 83
PART 2Subsidy control requirements
CHAPTER 2Prohibitions and other requirements
Ailing or insolvent enterprises
26Meaning of “insurance company”
(1)
In sections 19 to 24, “insurance company” means a body corporate that has permission to carry on the regulated activity of effecting or carrying out contracts of insurance under—
(a)
Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulated activities), or
(b)
paragraph 15 of Schedule 3 to that Act (EEA passport rights), as it has effect as a result of section 409 of that Act (Gibraltar).
(2)
But “insurance company” does not include—
(a)
a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 (c. 24 (N.I.)),
(b)
a friendly society within the meaning of the Friendly Societies Act 1992,
(c)
a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or
(d)
a member of Lloyd’s that is not a company within the meaning of the Companies Acts (see sections 1(1) and 2(1) of the Companies Act 2006).
(3)
In this section “regulated activity” has the meaning given by section 22 of the Financial Services and Markets Act 2000, taken with Schedule 2 to that Act and any order under that section.