Schedule 13, Part 1, Part 3, paragraph 6

For the purposes of this Part of this Schedule, a contract to which an insurer is a party is a “relevant contract” if it is— a contract for the supply of goods or services to the insurer, a financial contract, or a reinsurance contract under which contracts of insurance the insurer carries out as principal are reinsured. “Financial contract” means— a contract for the provision of financial services consisting of— lending (including the factoring and financing of commercial transactions), financial leasing, or providing guarantees or commitments; a securities contract, including— a contract for the purchase, sale or loan of a security or group or index of securities; an option on a security or group or index of securities; a repurchase or reverse repurchase transaction on any such security, group or index; a commodities contract, including— a contract for the purchase, sale or loan of a commodity or group or index of commodities for future delivery; an option on a commodity or group or index of commodities; a repurchase or reverse repurchase transaction on any such commodity, group or index; a futures or forwards contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of a commodity or property of any other description, service, right or interest for a specified price at a future date; a swap agreement, including— a swap or option relating to interest rates, spot or other foreign exchange agreements, currency, an equity index or equity, a debt index or debt, commodity indexes or commodities, weather, emissions or inflation; a total return, credit spread or credit swap; any agreement or transaction similar to an agreement that is referred to in sub-paragraph (i) or (ii) and is the subject of recurrent dealing in the swaps or derivatives markets. But a master agreement for any contract or agreement referred to in sub-paragraph (2) is not a relevant contract for the purposes of this Part of this Schedule. For the purposes of sub-paragraph (2), “commodities” includes— units recognised for compliance with the requirements of EU Directive 2003/87/EC establishing a scheme for greenhouse gas emission allowance trading, allowances under paragraph 5 of Schedule 2 to the Climate Change Act 2008 relating to a trading scheme dealt with under Part 1 of that Schedule (schemes limiting activities relating to emissions of greenhouse gas), and renewables obligation certificates issued— by the Gas and Electricity Markets Authority under an order made under section 32B of the Electricity Act 1989, or by the Northern Ireland Authority for Utility Regulation under the Energy (Northern Ireland) Order 2003 (S.I. 2003/419 (N.I. 6)) and pursuant to an order made under Articles 52 to 55F of that Order.

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Source: legislation.gov.uk · retrieved 2026-09-04