10(1)This paragraph applies to a proposal to execute under provisions corresponding to Part VII in a country or territory other than the United Kingdom an instrument transferring all the rights and obligations of the transferor under general or long-term insurance policies, or under such descriptions of such policies as may be specified in the instrument, to the transferee if any of the conditions in sub-paragraphs (2), (3) or (4) is met in relation to it.U.K.
(2)The transferor is an EEA firm falling within paragraph 5(d) [F1or (da)] of Schedule 3 and the transferee is an authorised person whose margin of solvency is supervised by the [F2FCA or the PRA].
(3)The transferor is a company authorised in an EEA State other than the United Kingdom under [F3Article 51 of the life assurance consolidation directive], or Article 23 of the first non-life insurance directive and the transferee is a UK authorised person which has received authorisation under [F4Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive].
(4)The transferor is a Swiss general insurer and the transferee is a UK authorised person which has received authorisation under [F5Article 4 of the life assurance consolidation directive or Article 6 of the first non-life insurance directive].
(5)In relation to a proposed transfer to which this paragraph applies, the [F6regulator which supervises the transferee's margin of solvency] may, if it is satisfied that the transferee possesses the necessary margin of solvency, issue a certificate to that effect.
(6)“Necessary margin of solvency” means the margin of solvency which the transferee, taking the proposed transfer into account, is required by the [F7FCA or the PRA] to maintain.
(7)“Swiss general insurer” has the same meaning as in paragraph 2.
(8)“General policy” means a policy evidencing a contract which, if it had been effected by the transferee, would have constituted the carrying on of a regulated activity consisting of the effecting of contracts of general insurance.
(9)“Long-term policy” means a policy evidencing a contract which, if it had been effected by the transferee, would have constituted the carrying on of a regulated activity consisting of the effecting of contracts of long-term insurance.
Textual Amendments
F1Words in Sch. 12 para. 10(2) inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 2(5)(g)
F2Words in Sch. 12 para. 10(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 19(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in Sch. 12 para. 10(3) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(7)(b)(i)
F4Words in Sch. 12 para. 10(3) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(7)(b)(ii)
F5Words in Sch. 12 para. 10(4) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(7)(c)
F6Words in Sch. 12 para. 10(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 19(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in Sch. 12 para. 10(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 19(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.