[(1) The Treasury may direct the payment out of the Consolidated Fund of sums into—
(a) the Insolvency Services Account;
(b) the Investment Account.
(2) The Treasury shall certify to the House of Commons the reason for any payment under subsection (1).
(3) The Secretary of State may pay sums out of the Insolvency Services Account into the Consolidated Fund.
(4) The National Debt Commissioners may pay sums out of the Investment Account into the Consolidated Fund.]
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This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
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