Friendly Societies Act 1992

[F1 15 (1) This paragraph applies to any transfer of engagements (other than contracts of reinsurance) where– U.K.

(a) the effecting of the engagements constituted the carrying on of general business;

(b) the transferor is a friendly society to which section 37(3) above applies; and

(c) the transferee is–

(i) a friendly society to which section 37(2) or (3) above applies;

[F2 (ii) a UK firm which has an EEA right deriving from any of the insurance directives;]

[F3 (iii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;]

F4 (iv) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5 (v) an insurance company whose head office is in Switzerland, which has permission under [F6 Part 4A] of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, which permission is not limited to reinsurance business;]

(vi) an insurance company whose margin of solvency is required to be supervised in accordance with Article 25 or 26 of the first general insurance Directive.

(2) The [F7 appropriate authority] shall not confirm the transfer unless–

F8 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) it is F9 . . . satisfied that every policy included in the transfer evidences a contract which was entered into before the date of the application;

(c) the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; and

(d) where the establishment from which the policies are to be transferred is situated in [F10 an EEA State] other than the United Kingdom, the [F7 appropriate authority] is satisfied–

(i) that the supervisory authority in that [F10 EEA State] has been consulted about the proposed transfer; and

(ii) either that the authority has responded or that the period of three months beginning with the consultation has elapsed.

(3) Where, as regards any policy F11 . . . which is included in the proposed transfer, the risk is situated in a [F10 an EEA State] other than the United Kingdom, the [F7 appropriate authority] shall not confirm the transfer unless it is satisfied–

(a) that the supervisory authority in that [F10 an EEA State] has been notified of the proposed transfer;

(b) either that the authority has consented to the transfer or that the authority has not refused its consent to the transfer within the period of three months beginning with the notification.

F12 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

F13 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

[F14 (6) In this paragraph “the relevant authority" means—

(a) if the transferee falls within paragraph (1)(c)(iii), its home state regulator;

(b) if the transferee falls within paragraph (1)(c)(v), the supervisory authority in Switzerland;

(c) if the transferee falls within paragraph (1)(c)(vi), the [F7 appropriate authority] or other supervisory body responsible for the supervision;

(d) in any other case, the [F7 appropriate authority].]]

Textual Amendments

F1 Sch. 15 para. 15 substituted (1.9.1994) by S.I. 1994/1984 reg. 25, Sch. 4 para. 3

F2 Sch. 15 para. 15(1)(c)(ii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(a)

F3 Sch. 15 para. 15(1)(c)(iii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(b)

F4 Sch. 15 para. 15(1)(c)(iv) repealed (1.12.2001) by virtue of S.I. 2001/3649, arts. 1, 207(2)(c)

F5 Sch. 15 para. 15(1)(c)(v) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(d)

F6 Words in Sch. 15 para. 15(1)(v) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(14)(a) (with Sch. 12)

F7 Words in Sch. 15 para. 15 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(14)(b) (with Sch. 12)

F8 Sch. 15 para. 15(2)(a) repealed (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13, Sch. 3 para. 128(t)(i); Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F9 Word in Sch. 15 para. 15(2)(b) repealed (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13, Sch. 3 para. 128(t)(ii); Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F10 Words in Sch. 15 Pt. II para. 15 substituted (1.1.1998) by S.I. 1997/2849, reg. 3

F11 Words in Sch. 15 para. 15(3) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F12 Sch. 15 para. 15(4) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F13 Sch. 15 para. 15(5) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F14 Sch. 15 para. 15(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(3)